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Embattled casino operator Star Entertainment has said it will receive $60 million for the proposed sale of the events centre at its Sydney casino to the group that operates its Lyric theatre, but this might not help it stay afloat.

Star said it has agreed to a binding arrangement for the sale of The Star Sydney Event Centre to Foundation Theatres Pty Ltd for $60 million.

“The Star has worked closely with the team at Foundation Theatres since they acquired the sublease for the Sydney Lyric in 2011,” Star chief executive Steve McCann said.

“We continue to work on a number of other potential non-core asset transactions.”

But there are no guarantees it will help with the “material uncertainty” over its ability to stay solvent.

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Star said the proceeds would be held as restricted cash by its lenders, and there is no certainty it will count towards the $150 million in capital that it needs to raise to access $100 million in fresh loans from its lenders.

Earlier this month, Star reported that it continued to burn through its remaining cash – leaving it with just $78 million – which prompted Morningstar’s analyst to warn the company might not survive until its results in late February.

Star made a loss of $8 million in the second quarter on an EBITDA (earnings before interest, tax, depreciation and amortisation) basis, an improvement on the $18 million loss in its first quarter.

“While discussions continue with respect to a range of different solutions, 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. In the absence of one or more of those arrangements, there remains material uncertainty as to the group’s ability to continue as a going concern,” Star said at the time.