Casino Fiscal Earnings Annual Report 1 1

Collection: Executive Agency Records
Sub-shelf: casinocontrolcommission.vi (Internet Archive recovery)
Kind: Government Report
Island: St. Croix
Topics: Disaster Recovery
Pages: 2
Text: OCR Text

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coin ——S Virgin Islands Casino Control Commission 3005 Orange Grove Christiansted, VI 00820-3005 (340) 718-3616 ext. 240 + (340) 718-3136 fax info@casinocontrolcommission.vi Annual Earning for VIGL Operations (Caravelle Casino) Fiscal Year 2016 $ 1,855,512.44 Fiscal Year 2017 $ 4,383,082.25 Fiscal Year 2018 $13,392,867.05 Fiscal Year 2019 $10,339,583.94 ***Fiscal Year 2020 $ 5,482,006.09 Fiscal Year 2021 $ 6,644,439,17 Fiscal Year 2022 $ 6,875,784.33 Fiscal Year 2023 $ 9,300,492.55 VIGL, Caravelle Casino, commenced operation in April 2016. Annual Earning for Divi Carina Bay Casino and TRAXCO DIVI TRAXCO Fiscal Year 2014 $10,916,488.51 $4,203,753.62 Fiscal Year 2015 $11,410,919.44 $3,731,621.37 *Fiscal Year 2016 $10,687,486.66 $2,120,968.51 Fiscal Year 2017 $ 9,901,610.50 **Fiscal Year 2018 $ 838,451.82 Fiscal Year 2019 $12,078,421.88 ***Fiscal Year 2020 $ 6,683,362.35 Fiscal Year 2021 $12,003,961.43 Fiscal Year 2022 $10,730,433.26 Fiscal Year 2023 $ 9,442,899.33 Virgin Islands Casino Control Commission Henry E. Schjang - Special Assistant * TRAXCO ended operations on May 6, 2016 **On September 20, 2017 Hurricane Maria caused Divi Carina Bay Casino to close due to significant damages to the casino. DIVI reopened in September 2018. *** Due to the pandemic, Governor Bryan ordered all casinos closed from March 21 to June 9, 2021 and July 10 to September 15, 2021. “Gross revenue”, as defined by the Casino and Resort Control Act of 1995 is the total of all sums, including checks received by a casino licensee pursuant to section 457 of this title, whether collected or not, actually received by a casino licensee from gaming operations, less only the total of all sums paid out as winnings to patrons and a deduction for uncollectible gaming receivables. The deduction for uncollectible gaming receivables shall not exceed the lesser of: (1) a reasonable provision for uncollectible patron checks received from gaming operations; or (2) four percent (4%) of the total of all sums including checks, whether collected or not, less than the amount paid out as winnings to patrons. Gross revenue shall not include any amount received by a casino from casino simulcasting. For the purpose of this definition, any check which is invalid and unenforceable pursuant to subsection (f) of section 457 of this title, shall be treated as cash received by the casino licensee from gaming operations. Casinos FY Gross Revenue Earnings 12/27/2023