Philippine casino investor Udenna Development Corp. is reportedly studying a possible backdoor listing or initial public offering (IPO) of its company to fund its US$341 million casino in the island of Cebu.

Four months after the firm has broken ground for its multi-million dollar casino, The Philippine Star reported that the casino investor is now weighing in on whether to launch an IPO to fund the project. Udenna is also waiting for the necessary permits in order to begin the excavation of the site of the casino project, according to the report.

“We’re told the ECC (Environmental Clearance Certificate) will hopefully be out before Christmas because we complied, we submitted everything,” said Raymundo Martin Escalona, director for special projects of Udenna, according to the news outlet.

Udenna earlier announced its plan to develop a 12.5-hectare, beachfront casino resort featuring iconic modern buildings that are surrounded by lush greens and infinity pools. The planned casino, located south of Manila, will also have a skydiving center on a pier, a retail complex, a convention center, luxury hotels and villas, specialty dining options, private residences and condominium-hotels.