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Revenues were down $50m in the last quarter alone as mandatory limits and cashless gambling rules were introduced. "There is no certainty that any of these negotiations will result in one or more definitive arrangements that might materially increase the Group’s liquidity position," the company statement said. Embattled casino group Star has warned it is on the financial precipice, following a new financial update to the Australian Securities Exchange. "There’s still quite a lot of work that needs to be done by Star's board and management in comparing the plans and seeing if this latest proposal from Bally potentially brings out others as well." "It's good to see different options emerging which could then avoid a voluntary administration process. It also reached a refinancing proposal with an unspecified lender, that would allow it to refinance all of its existing debt, giving it a total debt capacity of up to $940 million. The letter also said the US company remains "very open to discussing a larger transaction depending on our discussions with respect to Star's liquidity and capital needs".