(Reuters) - Australia's Star Entertainment said on Wednesday that its refinancing proposal with investment group Salter Brothers Capital worth up to A$940 million ($590.70 million) has now been withdrawn.

The embattled casino firm said that a number of conditions precedent to the Salter Brothers proposal were unlikely to be satisfied in sufficient time to meet the current liquidity needs of the company, highlighting in particular not meeting the "lender requirements for specific priority arrangements and enforcement rights" for their proposed security over non-gaming assets.

Star added that it is now exploring a refinancing solution with U.S. casino group Bally's Corp from March 10, referring to an A$250 million recapitalisation package that could give the latter majority control over the company, as it continues to strive to stave off voluntary administration and increase its liquidity in the medium term.

The cash-strapped firm continues to be unable to lodge its half-year results in the absence of an appropriate refinancing proposal, and flagged persistent material uncertainty about the group's ability to continue as a going concern in its statement.

($1 = 1.5913 Australian dollars)