Mr Price said he respected the judge's decision.
"It's a ruling that's been made against us.
"We've got to take it on the chin."
However, he said it was "very, very harsh" to suggest there had been "major drunkenness" in the bar.
"There's certainly no indication of major drunkenness in the judge's report."
He pointed to a paragraph in the report that said Mr Wylie's assessment of a patron's co-ordination was "questionable", as he tried to determine whether the patron was drunk.
He said the bar carried insurance for the loss of income that would result from the close-down.
The Thirsty Whale had been granted its liquor licence with extra conditions that it impose a one-way door policy after 2am and stopped entry to the bar's Harpoon Room after midnight.