** Morningstar says earnings condition at Australia's Star Entertainment has deteriorated further than expected coupled with worsening impact of mandatory cash and card limits

** Lowers fiscal 2025 earnings forecast by 50% to A$67 mln ($44.05 mln)

** Says fiscal 2026 and 2027 forecasts are down by about a third

** Morningstar's fair value est. on Star falls to A$0.5 from A$0.67

** Lifts uncertainty rating to "Extreme" from "Very High"

** Embattled Star 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

** Stock has fallen 50.5% this year, as of last close

($1 = 1.5209 Australian dollars)

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))