(Reuters) - Embattled casino operator Star Entertainment slumped on Wednesday, after swinging to a first-quarter loss and reporting a drop in revenue, adding to the rising uncertainty about its future revamp and earnings turnaround.

Shares of the Australian gaming group fell as much as 15.1% to A$0.243, on track for its weakest trading session since Sept. 27. The stock was the top loser in the benchmark S&P/ASX 200 index.

Star reported an 18% drop in revenue to A$351 million ($230.19 million) for the three months ended September, with a loss before interest, tax, depreciation and amortisation of A$18 million.

Star cited a challenging operating environment and restrictions such as a mandatory carded play and cash limits for the decline in earnings.

"The impact of a more challenging consumer environment, loss of market share and the impact of changed business practices continue to negatively impact top-line performance," Star said on Tuesday.

"Carded gaming rollout poses a significant risk to the underlying business in Queensland even if one looks through significant balance sheet and cashflow issues," Jefferies said.

The debt-laden gaming firm has been in the eye of a perfect storm that has hit the Australian casino operators for years, with Star and Blackstone-owned larger rival Crown Resorts being engulfed with multiple regulatory inquiries amid muted tourist visits and long closures.

Over the last few years, Star's board and management team have been hit with two Bell inquiries, lost its CEO and chairman and has almost gone broke.

The company said it had available cash of A$149 million at the end of September - which included proceeds of A$60.5 million from the sale of the Treasury casino building in Brisbane.

"1Q25 trading update reflects a further deterioration in conditions," analysts at Jefferies said in a note, adding that they currently see limited catalysts for an earnings turnaround at the casino firm.

($1 = 1.5249 Australian dollars)