The video has since been deleted from social media.
According to The Daily Telegraph, friends jumped the fence of the grassed pool area of the hotel he had fallen into.
Two police officers attempted CPR before giving way to paramedics who unsuccessfully attempted to revive him.
Bidgood's friends, who were also from Turramurra High School in Sydney's upper north shore, have ended their celebrations early and returned home.
"I'm absolutely gutted," one of his friends said.
"He was such a great kid."
The 18-year-old’s devastated parents, Des and Lyn Bidgood, along with his brothers Daniel and Oliver, made their way to Surfers Paradise on Thursday afternoon.