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ANNUAL REPORT February 2, 2026 VIRGIN ISLANDS CASINO CONTROL COMMISSION FY 2025 VICCC’S FISCAL YEAR 2025 ANNUAL REPORT TABLE OF CONTENTS MISSION STATEMENT .......................................................................................................................... 1 VICCC COMMISSIONERS ..................................................................................................................... 2 VICCC STAFF ........................................................................................................................................... 3 LETTER TO THE GOVERNOR ............................................................................................................. 4 LETTER TO THE SENATE PRESIDENT ............................................................................................ 5 INTRODUCTION ...................................................................................................................................... 6 FISCAL YEAR 2025 REVENUES ........................................................................................................... 6 BY REVENUE SOURCES .................................................................................................................... 6 FISCAL YEAR 2025 STATEMENT OF NET POSITION .................................................................. 7 STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN NET POSITION ......................... 9 AN ASSESSMENT OF THE COMMISSION’S FY 2025 FINANCIAL STANDING ..................... 11 STATEMENT OF CASH FLOWS AS OF SEPTEMBER 30, 2025 .................................................. 12 BUDGET VS. ACTUAL REPORT ..................................................................................................... 13 CASINOS’ GROSS EARNINGS FOR A FIVE-YEAR PERIOD 2021-2025 ................................... 15 BANK ACCOUNTS BALANCES AS OF SEPTEMBER 30, 2025................................................... 16 FISCAL YEAR 2025 ACCOMPLISHMENTS ................................................................................... 16 FISCAL YEAR 2025 CHALLENGES ................................................................................................ 16 FISCAL YEAR 2026 GOALS ............................................................................................................. 17 APPENDIX I. DIVISION OF GAMING ENFORCEMENT............................................................... 18 APPENDIX II. VI ALLIANCE ON RESPONSIBLE GAMING ACCOUNT ................................... 22 1 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT Mission Statement The Virgin Islands Casino Control Commission is statutorily mandated to develop and implement a licensing and regulatory framework that permits and promotes the stability and continuity of the gambling and gaming industry in the U.S. Virgin Islands of casinos pursuant to the Virgin Islands Casino and Resort Control Act of 1995, as amended, of internet gaming and gambling pursuant to the Virgin Islands Internet Gaming and Internet Gambling Act, as amended, and of racinos pursuant to the Virgin Islands Horse Racing Industry Assistance Acts of 2011 and 2016, as amended, by assuring the good character, honesty and integrity of all licensed operators and employees and related businesses; by protecting the gambling and gaming industry from the influence of criminal activity; and by fostering public confidence and trust in the activities of the gambling and gaming industry. 2 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT January 31, 2024 VICCC COMMISSIONERS Marvin L. Pickering Chairman/CEO Carolyn P. Hermon-Percell Vice-Chairman Luther F. Renee Secretary/Treasurer 3 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT EXECUTIVE STAFF Linda I. Smith Executive Director Romesha Smith Finance and HR Administrator Kelvin L. Vidale, Esq. Legal Counsel Ruthlin A. Hurtault Licensing and Compliance Officer Odingo Davila IT Support Specialist Daren O’Reilly Archive Specialist Claridilia Rodriguez de Garcia Housekeeping Attendant CASINO INSPECTORS Masai Henry Senior Casino Inspector Roberto Blewett Casino Inspector I Karissa Daniel Casino Inspector I Elsie Erarte Casino Inspector I Raheem Knight Casino Inspector I V I C C C S T A F F 4 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT February 2, 2026 Honorable Albert Bryan, Jr. Governor of the Virgin Islands of the United States Office of the Governor Government House, Charlotte Amalie St. Thomas, VI 00802 Dear Governor Bryan: The Virgin Islands Casino Control Commission is pleased to present the Annual Report as mandated by V. I. Code Ann. tit. 32, § 424 which states, in part, that “[t]he Commission shall make to the Governor and the Legislature an annual report of all revenues, expenses and disbursements, and shall include therein such recommendations for changes in this chapter as the Commission deems necessary or desirable.” As such, the Annual Report details the financial position of the Commission for the Fiscal Year Ended September 30, 2025, and our records indicate that this is the Commission’s sixth issuance of an Annual Report. Submitted to the Governor, as well as the Legislature of the Virgin Islands of the United States for the period of October 1st, 2024, through September 30th, 2025, the Annual Report is comprised of the following: Unaudited Statements of Net Position; Unaudited Statements of Revenues, Expenses and Changes in Net Position; Unaudited Cash Flow Statements; FY 2025 Budget vs. Actual Statement; and Statistical Overview to include Casinos’ Gross Earnings for a five-year period. The Annual Report concludes with the Commission’s accomplishments for the fiscal year, challenges experienced during the fiscal year and the Commission’s goals and objectives for fiscal year 2026. The Commission Members and Staff remain readily available to assist the Executive and Legislative Branches in any efforts to update or implement changes to the existing laws that govern gambling and gaming activities in the U. S. Virgin Islands. Sincerely, Marvin L. Pickering, Commissioner Carolyn P. Hermon-Percell, Commissioner VICCC Chairman and CEO VICCC Vice-Chair Luther F. Renee, Commissioner* VICCC Secretary/Treasurer * Commissioner Luther F. Renee is on approved leave as of December 8, 2025. LETTER TO THE GOVERNOR 5 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT February 2, 2026 Honorable Milton E. Potter President, 36th Legislature of the U.S. Virgin Islands Capitol Building, Charlotte Amalie St. Thomas, VI 00804 Dear Senate President Potter: The Virgin Islands Casino Control Commission is pleased to present the Annual Report as mandated by V. I. Code Ann. tit. 32, § 424 which states, in part, that “[t}he Commission shall make to the Governor and the Legislature an annual report of all revenues, expenses and disbursements, and shall include therein such recommendations for changes in this chapter as the Commission deems necessary or desirable.” As such, the Annual Report details the financial position of the Commission for the Fiscal Year Ended September 30, 2025, and our records indicate that this is the Commission’s sixth issuance of an Annual Report. Submitted to the Governor, as well as the Legislature of the Virgin Islands of the United States for the period of October 1st, 2024, through September 30th, 2025, the Annual Report is comprised of the following: Unaudited Statements of Net Position; Unaudited Statements of Revenues, Expenses and Changes in Net Position; Unaudited Cash Flow Statements; FY 2025 Budget vs. Actual Statement; and Statistical Overview to include Casinos’ Gross Earnings for a five-year period. The Annual Report concludes with the Commission’s accomplishments for the fiscal year, challenges experienced during the fiscal year and the Commission’s goals and objectives for fiscal year 2026. The Commission Members and Staff remain readily available to assist the Executive and Legislative Branches in any efforts to update or implement changes to the existing laws that govern gambling and gaming activities in the U. S. Virgin Islands. Sincerely, Marvin L. Pickering, Commissioner Carolyn P. Hermon-Percell, Commissioner VICCC Chairman and CEO VICCC Vice-Chair Luther F. Renee, Commissioner* VICCC Secretary/Treasurer *Commissioner Luther F. Renee is on approved leave as of December 8, 2025 LETTER TO THE SENATE PRESIDENT 6 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT The Virgin Islands Casino Control Commission (VICCC) was established by V.I. Code Ann. tit. 32, § 401 et seq., in November 1995 (Act No. 6069, the Virgin Islands Casino and Resort Control Act of 1995), with subsequent amendments. The Commission is responsible for the licensing and regulation of casinos, pursuant to the aforementioned Act and the Internet Gaming and Gambling Act (Act No. 6419), and racinos, pursuant to the Virgin Islands Racing Industry Assistance Acts of 2011 and 2016 (Acts No. 7318 and No. 7952, respectively) and the Casino IV Establishment (Act No. 7702). The VICCC is funded through four (4) different sources: (1) The General Fund for employee salaries and fringe benefits only, (2) The Casino Control Revolving Fund pursuant to 32 VIC § 514, as amended by Act No. 7643 that authorized the Commission to create a separate special checking account. This account is funded by casino and casino employee license fees, fines and other fees imposed by law or through regulation by the Commission. Eighty percent of the funds must be allocated to the Commission and twenty percent to the Division of Gaming Enforcement (DGE), V.I. Department of Justice, (3) The Casino Revenue Fund pursuant to 32 VIC §517 which is funded by the 12% tax on gross casino revenues. In this regard, the Commission receives 25% of these taxes, with 75% being allocated to other Departments and Agencies of the Government1, and (4) The Horse Racetrack Casino Revenue Fund pursuant to 32 VIC § 901 (The Virgin Islands Horse Racing Industry Assistance Actsof 2011 and 2016 (Bill 29-0127; Act 7318 and Bill No. 31-0484; Act 7952, respectively). Taken together, these funding sources support the day-to-day functions for administrative and operational oversight of the casino industry. General Fund The VICCC was appropriated $1,423,800 (per Act No. 8916), in fiscal year 2025 for funded positions, to include fringe costs. The actual payroll cost was $1,376,918, inclusive of fringe costs of $403,800. Special Casino Control Revolving Account The VICCC received a total of $200,390 from casino license fees, casino employee fees, fines, and other fees imposed by law or through regulation set by the Commission. By comparison, the amount received in Fiscal Year 2024 was $603,529 a decrease of $403,139, primarily due to the collection of four-year casino license renewal fees in Fiscal Year 2024. 1 Act No. 9052 (Bill No. 36-0119), enacted on November 10, 2025, reduced the Commission’s allocation to 23%, with 77% allocated to other Departments and Agencies. INTRODUCTION FISCAL YEAR 2025 REVENUES BY REVENUE SOURCES 7 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT Casino Revenue Fund The VICCC received a total allotment of $598,690 from the taxes collected from licensed gaming entities by the Government of the Virgin Islands. This amount represents twenty-five percent (25%) of the twelve percent tax paid into the Casino Revenue Fund for the fiscal year, pursuant to 32 VIC § 5172. This is a slight increase from the amount of $554,417 received in the prior fiscal year.  Table 1 provides an illustration of the Statement of Net Position report generated by the Commission for fiscal year 2025. Virgin Islands Casino Control Commission Statement of Net Position As of September 30, 2025 Table 1 September 30, 2025 September 30, 2024 ASSETS Current Assets Cash Petty Cash $ 300 $ 300 Total Cash 300 300 Checking/Savings Banco Popular - Commission Opr Acct 886,480 874,778 First Bank - Commission Revolving Acct 458,154 435,904 Total Checking/Savings $ 1,344,634 $ 1,310,682 Accounts Receivable V.A. Golden Restitution Receivable 275,868 276,801 Allowance for Doubtful Acct – Golden (275,868) - Due from DGE 1,040 2,220 S. Barnes Restitution Receivable 247,490 247,490 Allowance for Doubtful Acct – Barnes (247,490) - Total Accounts Receivable $ 1,040 $ 526,511 2 See footnote number 1. FISCAL YEAR 2025 STATEMENT OF NET POSITION 8 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT Other Current Assets Due from the Casino Revenue Fund 319,163 140,787 Prepaid Auto Insurance 6,223 - Prepaid Inter-island Travel FTW 103 1,008 Prepaid Liability Insurance 2,927 - Prepaid Contents Insurance 6,330 - Pre-paid Inter-Island Travel 3,344 5,836 Total Other Current Assets $ 338,090 $ 147,631 Fixed Assets Computer Equipment 3,665 - Vehicles 89,000 - Accum Depr – Vehicles (53,342) - Machinery and Equipment 20,150 - Accum Depr – Mach and Equip (1,343) - Right of Use Asset 7,381 - Right of Use Asset – Accum Amort (3,829) - $ 61,682 $ - TOTAL ASSETS $ 1,745,746 $ 1,985,124 LIABILITIES Current Liabilities Accounts Payable 45,341 25,022 Lease Interest Payable 24 - VIESA Payable 65,856 - Liability Due - CCC Youth Program - 50,922 Liability Due – DGE 120 28,778 Total Current Liabilities $ 111,341 $ 104,722 Long Term Liabilities Lease Liability Long Term 3,804 - Total Liabilities 115,145 104,722 NET POSITION Opening Balance at 10/01/2024 $ 1,410,102 $ 1,166,702 Change in Net Position 220,499 713,700 Total Net Position $ 1,630,601 $ 1,880,402 TOTAL NET POSITION & LIABILITIES $ 1,745,746 $ 1,985,124 9 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT Table 2 provides an illustration of the Statement of Revenues, Expenses, and Changes in Net Position for the fiscal year 2025. Virgin Islands Casino Control Commission Statement of Revenues, Expenses, and Changes in Net Position For the year ended September 30, 2025 Table 2 Year to Date Prior Year to Date Operating Revenues Income September 30, 2024 Casino Revenue Fund 598,690 554,417 License Fees Slot Fees Golden Restitution 86,280 82,576 933 419,322 83,408 - Stipulated Settlement 7,680 84,480 GVI Payroll Contributions 1,376,918 1,341,906 - - Other Income: FEMA Disaster - 48,657 Other Income 14,001- 19 Work Permit Income 8,920 16,300 Total Operating Revenues $ 2,175,998 $ 2,548,509 Operating Expenses Advertising and Promotion 21,775 36,332 Auto Insurance 7,395 7,402 Automobile Expense 16,519 4,535 Bank Service Charges 985 684 Contents Insurance 9,294 9,193 Cable Expense Conference Fees 2,084 7,089 1,915 9,385 Capital Outlay – Other Equipment - 13,455 Capital Outlay – Computers & Servers 858 - Computer and Internet 5,638 9,696 Depreciation 19,143 - Subscription 23,196 13,927 Employee Recognition 12,994 5,682 Electronic Equipment 2,444 930 Government Insurance Fund 2,047 955 Janitorial Services 200 400 Liability Insurance 2,320 2,320 Meals and Entertainment 9,326 9,935 Membership Dues 5,630 2,129 Merchant Fees 6,733 15,279 Miscellaneous Expense 300 854 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 10 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT Payroll 973,118 945,616 Social Security 60,374 58,437 Medicare 14,119 13,711 GERS Contribution 175,834 189,331 Medicare, Dental and Life Ins 153,473 134,811 Telephone Expense Thirtieth Anniversary Expenses 9,581 37,930 4,607 - Training Expense 1,343 4,595 Transcription Services 5,048 3,942 Travel Expense: Inter-Island Travel 12,230 8,077 Travel Expense 35,540 37,256 Internet Gambling Summit Expense 26,062 - Uniform 3,574 1,507 Utilities: Electricity Expense 13,972 25,985 Utilities: Security Expense 1,735 1,170 Utilities: Water Expense 1,255 6,078 Total Operating Expense $ 1,955,499 $ 1,834,809 Change in Net Position $ 220,499 $ 713,700 Office Furniture 260 384 Office Miscellaneous 2,754 1,841 Office Supplies 11,928 12,773 Printing and binding 769 96 Postage 568 90 Professional Fees 104,886 67,761 Rent Expense 99,732 93,387 Repairs and Maintenance 52,724 78,346 Salaries 11 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT In FY 2025, revenues were classified by specific categories. Government of the Virgin Islands Payroll Contributions accounted for 63% of Revenues and 70% of Expenses for FY 2025. GVI Payroll Contributions FYE 2025 FYE 2024 Salaries Expense Gross Payroll $973,118 $ 945,616 GERS Contribution 175,834 189,331 Medical, Dental and Life Insurance 153,473 134,811 Medicare 14,119 13,711 Social Security 60,374 58,437 Total Salaries Expense $1,376,918 $1,341,906 AN ASSESSMENT OF THE COMMISSION’S FY2025 FINANCIAL STANDING 12 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT STATEMENT OF CASH FLOWS AS OF SEPTEMBER 30, 2025 Table 3 provides an illustration of the Statement of Cash Flows for the fiscal year 2025. Virgin Islands Casino Control Commission Statement of Cash Flows As of September 30, 2025 Table 3 Operating Activities Change in Net Position $ (31,416) Adjustment to Reconcile Net Position to Net Cash Provided by Operations Accounts Receivable Due from DGE (1,040) Prepaid Inter-Island Travel 140 Prepaid Inter-Island Travel FTW 1,075 Prepaid Auto Insurance 1,172 Prepaid Liability Insurance (608) Prepaid Contents Insurance (200) Due from Casino Revenue Fund (59,908) Current Liabilities Accounts Payable 45,341 Liability Due DGE (12,386) Net cash used by Operating Activities (57,830) Investing Activities Machine and Equipment (20,150) Accum Depr – Vehicles 17,800 Accum Depr – Mach and Equip 1,343 Computer Equipment (3,665) Net cash used by Investing Activities $ (4,672) Net cash increase for the period $ (62,502) Cash at the Beginning of the Period 1,407,436 Cash at the End of the Period $ 1,344,934 13 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT BUDGET VS. ACTUAL REPORT  Table 4 provides an illustration of the Budget vs. Actual report for fiscal year 2025. Virgin Islands Casino Control Commission Budget vs. Actual Report As of September 30, 2025 Table 4 Accounts FY 2025 Budget FY 2025 YTD Actual $ Variance % of Actual to Budget Revenues Casino Revenue Fund $ 532,000 $ 598,690 $ (66,690) 112.54% License Fees $ 141,000 $ 86,280 $ 54,720 61.19% Work Permit Income $ 20,000 $ 8,920 $ 11,080 44.60% Slot Fees $ 103,500 $ 82,576 $ 20,924 79.78% Other Income - GVI Payroll Contributions $ 1,423,800 $ 1,376,918 $ 46,882 96.71% V.A. Golden Restitution $ 933 (933) FEMA Reimbursement $ - Conference Room Rental $ - Forfeited Jackpot $ - Transcript Copies $ - Other Income $ 14,001 14,001 Stipulated Agreement $ 7,680 $ (7680) Total Revenues $ 2,220,300 $ 2,175,998 $ 44,302 98.00% Personnel Services Unclassified Salaries $ 995,700 $ 973,118 $ 22,582 97.73% Fringe Benefits Employer Contr Retirement $ 196,400 $ 175,834 $ 20,566 89.53% FICA $ 61,800 $ 60,374 $ 1,426 97.69% Medicare $ 14,500 $ 14,119 $ 381 97.37% Health Insurance Premiums $ 149,400 $ 153,473 $ (4,073) 102.73% Workers Comp. Premiums $ 1,000 $ 2,047 $ (1,047) 204.70% SUTA Tax $ 17,000 $ 17,000 0.00% Uniform Allowance $ 5,000 $ 3,574 $ 1,426 71.48% EXPENSES SUPPLIES Office Supplies $ 16,000 $ 11,928 $ 4,072 74.55% Office Furniture $ 5,000 $ 260 $ 4,740 5.20% Operating Supplies - - - OPERATING EXPENSES Advertising and Promotion $ 90,000 $ 21,775 $ 68,225 24.19% Automobile Expense $ 15,000 $ 16,519 $ (1,519) 110.13% 14 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT Accounts FY 2025 Budget FY 2025 YTD Actual $ Variance % of Actual to Budget Communication (Phone) - - - - Insurance – Contents $ 15,000 $ 9.294 61.96% Insurance – Auto $ 13,000 $ 7,395 $ 5,605 56.88% Insurance – Liability $ 2,500 $ 2320 $ 180 92.80% Professional Fees $ 112,000 $ 104,886 $ 7,114 93.65% Printing & Binding $ 6,000 $ 769 $ 5,231 12.82% Rental – Machinery and Equipment - - - - Rental – Land/Building $ 99,800 $ 99,732 $ 68 99.93% Repairs & Maintenance $ 32,000 $ 52,724 $ (20,724) 164.76% Depreciation Expense - $ 19,143 $ (19,143) Thirtieth Anniversary Expense $ 30,000 $ 37,930 $ (7,930) 126.43% Training Expense $ 25,000 $ 1,343 $ 23,657 5.37% Travel Conference $ 105,000 $ 35,540 $ 69,460 33.85% Travel (Inter-Island) $ 15,000 $ 12,230 $ 2,770 81.53% ALL OTHER EXPENSES Bank Service Charges $ 1,000 $ 985 $ 15 98.50% Cable Expense $ 2,500 $ 2,084 $ 416 83.36% Computer & Internet Charges $ 7,000 $ 5,638 $ 1,362 80.54% Conference Fees $ 40,000 $ 7,089 $ 32,911 17.72% Employee Recognition $ 5,000 $ 12,994 $ (7,994) 259.88% Internet Gambling Summit Expense $ - $ 26,062 - Janitorial Services $ 2,000 $ 200 $ 1,800 10.00% Meals and Entertainment $ 6,500 $ 9,326 $ (2,826) 143.48% Merchant Fees $ 9,000 $ 6,733 $ 2,267 74.81% Other Expense $ 5,000 $ 2,754 $ 2,246 55.08% Subscriptions $ 8,000 $ 23,916 $ (15,916) 298.95% Memberships $ 6,000 $ 5,630 $ 370 93.83% Miscellaneous Expense $ 300 $ (300) Postage $ 1,000 $ 568 $ 432 56.80% Software $ 2,000 Transcriptions $ 8,000 $ 5,048 $ 2,952 63.10% UTILITIES Electricity $ 25,000 $ 13,972 $ 11,028 55.89% Telephone $ 5,000 $ 9,581 $ (4,581) 191.62% Security Expense $ 2,000 $ 1,735 $ 265 86.75% Water $ 5,000 $ 1,235 $ 3,745 25.10% CAPITAL OUTLAWS Computers and Servers $ 15,000 $ 858 $ 14,142 5.72% Capital Outlay – Equipment $ 20,200 $ 2,444 $ 17,756 12.10% Capital Outlay – A/C Unit $ 23,000 - Vehicle Purchase – STT $ - $ - $ - Miscellaneous $ - $ - $ - TOTAL EXPENSES $ 2,220,300 $ 1,955,499 $ 264,801 88.07% SURPLUS (DEFICIT) $ - $ 220,499 $ (220,499) 15 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT Total Fiscal Year Gross Earnings for VIGL (Caravelle Casino) Fiscal Year 2021 $ 6,644,439 Fiscal Year 2022 $ 6,875,784 Fiscal Year 2023 $ 9,300,493 Fiscal Year 2024 $ 8,245,200 Fiscal Year 2025 $ 9,690,065 Total Annual Gross Earnings for DIVI Carina Bay Casino Fiscal Year 2021 $ 12,003,961 Fiscal Year 2022 $ 10,730,433 Fiscal Year 2023 $ 9,442,899 Fiscal Year 2024 $ 10,281,933 Fiscal Year 2025 $ 10,005,957 . “Gross revenue”, as defined by 32 VIC § 402 (36), 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’ GROSS EARNINGS FOR A FIVE-YEAR PERIOD 2021 - 2025 16 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT A financial overview of the Commission’s Bank Accounts for the period of October 1, 2024, through September 30, 2025 is compiled in Table 5. Table 5 Accounts Beginning Balance October 1, 2024 Ending Balance September 30, 2025 Commission Operating Account (BP) $874,778 $886,480 Commission Revolving Account (FB) $435,904 $458,154 Petty Cash $300 $300  The three accounts listed in Table 5 had a combined total beginning balance of $1,310,982.  At the end of FY 25, the combined total ending balance was $1,344,934. FY2025 ACCOMPLISHMENTS  Issued the FY 2024 Annual Report to the Governor and the Legislature as mandated by 32 VIC § 424.  Submitted the Casino Control Revolving Fund Annual Report for FY 2025 to the Legislature and the V. I. Department of Finance, pursuant to 32 VIC § 514(e).  On-boarded Executive Director, Legal Counsel, and Licensing and Compliance Officer. Also Filled one vacant Casino Inspector I position.  Received and distributed FY 2023 Unqualified Financial Audit from Bert Smith & Co.  Commenced year-long celebration of 30th anniversary (April 23, 2025).  Selected to present a panel at the 2025 annual education and training conference of the North American Gaming Regulators Association (June 4, 2025, in Nashville, Tennessee).  Hosted Internet Gaming and Internet Gambling Summit (July 31, 2025). FY 2025 CHALLENGES  Continuing lack of adequate staff at the Division of Gaming Enforcement (DGE), the investigatory and enforcement arm of the Commission, to timely investigate licensure applications, resulting in a backlog and the overuse of temporary licenses to ensure that the casino industry can function efficiently and effectively. BANK ACCOUNTS BALANCES AS OF SEPTEMBER 30, 2025 17 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT FY 2026 GOALS  Submit proposed amendments to the Legislature to update and modernize the Internet Gaming and Internet Gambling Act, as codified at Virgin Islands Code Ann. tit 32, section 601, et seq.  Continuous review of the existing laws, regulations, and policies that govern the affairs of the Commission and propose amendments or make changes where necessary.  Complete the financial audit of fiscal year 2024 with Bert Smith & Co.  Continue the development of internal policies and procedures for efficient operations and management of the Commission, including the adoption of a formal accounting policy for the review and approval of all financial transactions.  Provide technical training and other educational opportunities for the Commission’s staff while implementing activities designed to maintain and improve the positive workplace environment of the Commission.  Continue to foster and enhance the working relationship between the Commission and the Division of Gaming Enforcement to ensure that regulatory compliance is maintained throughout the gaming industry.  Continue to foster stakeholders’ access and the public’s knowledge and understanding through the live viewing or delayed posting of the quarterly meetings on YouTube and upgrades to the website.  Continue to encourage casino entities and other stakeholders to undertake the obligations of the gambling and gaming industry in promoting responsible gambling while working to prevent problem gambling.  Ensure that the Commissioners and staff receive annual Ethics review and other educational and training opportunities pertinent to their duties and responsibilities.  Continue to post the financial reports on the website in full commitment to transparency. 18 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT Working in unison with the Casino Control Commission, the Division of Gaming Enforcement (DGE), within the V.I. Department of Justice, investigates, enforces, and prosecutes matters within the jurisdiction of the Commission. Twenty percent (20%) of the funds collected in the Commission’s Revolving Account is allocated to DGE for operating expenses. Table 6 provides an illustration of the Statement of Net Position for fiscal year 2025. Division of Gaming Enforcement Statement of Net Position As of September 30, 2025 Table 6 September 30, 2025 September 30, 2024 ASSETS Checking/Savings First Bank – DGE Revolving Acct $ 358,807 $ 385,490 Total Checking/Savings 358,807 385,490 Accounts Receivable Accounts Receivable 1,300 - Due from VICCC 120 28,778 Total Accounts Receivable 1,420 28,778 Other Current Assets Prepaid Rent 520 - Other Receivable Audit Fees Receivable – Divi - 2,475 Total Other Current Assets 520 2,475 TOTAL ASSETS $ 360,747 $ 416,743 LIABILITIES Current Liabilities Accounts Payable 5,975 45 Inv Fees payable – Treasure Bay, LLC - 5,000 Inv Fees payable – Gaming Lab Int’l 2,044 2,045 Inv Fees payable – Treasure Bay VI - 14,272 Inv Fees payable – Grapetree Shores - 7,177 APPENDIX I DIVISION OF GAMING ENFORCEMENT FISCAL YEAR 2025 STATEMENT OF NET POSITION 19 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT Inv Fees payable – Limestar - 4,000 Inv Fees payable – Aristocrat 5,509 5,509 Inv Fees payable – BMM N. America 211 211 Inv Fees payable – Divi Carina Bay - 4,864 Inv Fees payable – Interblock USA 2,443 2,443 Inv Fees payable – LNW Gaming 1,600 1,600 Inv Fees payable – VIGL 1,596 1,596 Inv Fees payable – AGS, LLC 3,650 3,650 Inv Fees payable – IGT 3,060 - Inv Fees payable – Multitech Games 3,010 - Audit Fees payable – Divi - 12,338 Audit Fees payable – VIGL - 13,638 Liability Due – VICCC 1,040 2,220 Total Current Liabilities $ 30,138 $ 80,608 NET POSITION Opening Balance at 10/1/2024 $ 336,135 $ 223,003 Change in Net Position (5,526) 113,132 Total Net Position 330,609 336,135 TOTAL NET POSITION & LIABILITIES $ 360,747 $ 416,743 20 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT Table 7 provides an illustration of the Statement of Revenues, Expenses, and Changes in Net Position for fiscal year 2025. Division of Gaming Enforcement Statement of Revenues, Expenses, and Changes in Net Position For the year ended September 30, 2025 Table 7 Year to date Prior Year to date September 30, 2024 Operating Revenues Income License Fees $ 21,655 $ 104,951 Slot Fees 20,644 20,852 Stipulated Settlement 1,920 21,120 Other Income - - Work Permit Income 2,145 3,955 Total Operating Revenues $ 46,364 $ 150,878 Operating Expenses Automobile Expense 5,936 3,418 Bank Service Charges 584 - Dues and Subscription - 275 Meals and Entertainment - 331 Miscellaneous - 50 Office Misc 438 401 Office Furniture - 2,389 Office Supplies 1,302 2,906 Professional Fees 745 234 Rent Expense 1,620 1,664 Repairs and Maintenance 342 - Subscription Fees 219 - Stipends 5,382 - Training, Conference and Dues 7,860 4,299 Travel Expense 27,462 21,779 Total Operating Expense $ 51,890 $ 37,746 Change in Net Position $ (5,526) $ 113,132 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 21 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT Table 8 provides an illustration of the Statement of Cash Flows for fiscal year 2025. Division of Gaming Enforcement Statement of Cash Flows October 1, 2024, through September 30, 2025 Table 8 Operating Activities Change in Net Position $ (9,806) Adjustment to Reconcile Net Position to Net Cash Provided by Operations: Accounts Receivable Due from VICCC 12,386 Audit Fees Receivable – Divi (1,300) Current Liabilities Accounts Payable 5,975 Inv Fees Pay – Treasure Bay VI 16 Inv Fees Pay - IGT (3,940) Inv Fees Pay - Multitech Games (1,990) Liability Due VICCC 1,040 Net cash used by Operating Activities $ 2,381 Net cash increase for the period $ 2,381 Cash at the Beginning of the Period $ 356,426 Cash at the End of the Period $ 358,807 A financial overview of the DGE’s Revolving Account for the period of October 1, 2024, through September 30, 2025, is compiled in Table 9. Table 9 Accounts Beginning Balance October 1, 2024 Ending Balance September 30, 2025 Commission/DGE Revolving Account $385,490 $358,807 BANK ACCOUNT BALANCES AS OF SEPTEMBER 30, 2025 STATEMENT OF CASH FLOWS AS OF SEPTEMBER 30, 2025 22 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT This account is the depository for the one percent (1%) of the revenues from the Casino Revenue Fund, received by the Commission, for programs to treat and prevent gambling addiction, as mandated by Virgin Islands Code Ann. tit. 32, § 517(c). Table 10 provides an illustration of the Statement of Net Position report for fiscal year 2025. VI Alliance on Responsible Gaming Statement of Net Position As of September 30, 2025 Table 10 September 30, 2025 September 30, 2024 ASSETS Current Assets Checking/Savings First Bank Checking Account $ 174,292 $ 186,617 Total Checking/Savings 174,292 186,617 Other Current Assets Due from Casino Revenue Fund 12,770 5,631 Total Other Current Assets 12,770 5,631 Total Current Assets 187,062 192,248 TOTAL ASSETS 187,062 $192,248 LIABILITIES & EQUITY Equity Opening Balance Equity 163,492 163,492 Unrestricted Net Assets 28,756 33,031 Net Income (5,185) (4,275) Total Equity 187,062 192,248 Total Liabilities & Equity $ 187,062 $ 192,248 APPENDIX II STATEMENT OF NET POSITION AS OF SEPTEMBER 30, 2025 VI ALLIANCE ON RESPONSIBLE GAMING 23 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT Table 11 provides an illustration of the Statement of Revenues, Expenses, and Change in Net Position for fiscal year 2025. VI Alliance on Responsible Gaming Statement of Revenues, Expenses, and Changes in Net Position October 1, 2024, through September 30, 2025 Table 11 Oct 2024 - Sep 2025 Oct 2023 – Sep 2024 Ordinary Income/Expense Income Casino Revenue Fund 23,948 22,180 Total Income 23,948 22,180 Expenses Advertising 6,165 4,967 Promotional materials 6,9212 488 Licenses and permits 100 Bank Service Charges 700 - Outside Contract Services 1,170 20,900 Training 10,410 - Travel 3,766 - Total Expense 29,133 26,455 Net Ordinary Income (5,185) (4,275) Net Income (5,185) (4,275) STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 24 | P a g e VICCC’S FISCAL YEAR 2025 ANNUAL REPORT Table 12 provides an illustration of the Statement of Cash Flows report for fiscal year 2025. VI Alliance on Responsible Gaming Statement of Cash Flows October 1, 2024, through September 30, 2025 Table 12 Operating Activities Net Income $ (1,937) Adjustment to Reconcile Net Position to Net Cash Provided by Operations: Due from Casino Revenue Fund (2,396) Net Cash provided by Operating Activities (4,333) Net Cash Increase for the period (4,333) Cash at the Beginning of the Period 178,625 Cash at the End of the Period $ 174,292 A financial overview of the VI Alliance on Responsible Gaming Account for the period of October 1, 2024, through September 30, 2025, is compiled in Table 13. Table 13 Accounts Beginning Balance October 1, 2024 Ending Balance September 30, 2025 VI Alliance on Responsible Gaming $186,617 $174,292 STATEMENT OF CASH FLOWS BANK ACCOUNT BALANCES AS OF SEPTEMBER 30, 2025