VIDEO: Phipps 'a bloody idiot'
Phipps, who was reportedly heavily intoxicated and dressed as a cow, was ejected from the classy Woollahra Hotel in Sydney on April 21 as he celebrated his impending wedding with friends.
The player has since been fined for the incident
"Nick Phipps has admitted his guilt and the investigation found the reported events to be true and accurate," said a statement from the Waratahs.
"The player has been fined $4000, which will be donated to the NSW Positive Rugby Foundation to support community rugby activities. Phipps' role as State Club Captain of the NSW Waratahs has also been suspended and his reinstatement to this role will be monitored by the organisation.
"He will be served with a notice relating to a breach of the organisation's Code of Conduct policy."
In his apology, Phipps said: "It's always been in my character to stand up and accept the responsibility. I was a bloody idiot," he told reporters.
"It's one of those things I wanted to front straight away and get the apology out there and make sure everyone knows how sorry I am."
He admitted he couldn't remember much about the incident, but that it "lasted just a few seconds".
"I take my responsibility as one of the senior players very seriously and I will accept all sanctions that are handed down to me," he said.
"I've spoken to Rugby Australia, they've voiced their displeasure, they’re not very happy."
While Phipps was apologetic, it is another unwanted headache for both the Waratahs and Rugby Australia, who were last month left reeling by controversial anti-gay comments posted on social media by superstar Israel Folau.
Phipps married his long-time partner Ebony Bamford on Saturday.