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WICO tells Senate committee it posted revenue gains in 2025 but faces $11.8 million PILOT liability
Summary
The West Indian Company Limited told the Senate Committee on Economic Development and Agriculture that fiscal 2025 revenue rose to $9.4 million while operating expenses declined to $6.2 million, but the port authority still faces an outstanding payment-in-lieu-of-taxes (PILOT) liability of $11.8 million and is exploring options to address it.
The West Indian Company Limited (WICO) told the Senate Committee on Economic Development and Agriculture on Jan. 14 that the company's cruise operations posted improved revenue in fiscal 2025 even as an accumulated payment-in-lieu-of-taxes liability remains a major financial challenge.
WICO President and Chief Executive Officer Joseph Bisholte said the company generated $9,400,000 in revenue in fiscal 2025, a 14% increase from the previous year, and reported operating expenses of $6,200,000, a 6% decline from FY2024. "We just reported we have revenues of $9,400,000. We have a net income loss of $2,600,000," Bisholte said in his prepared remarks.
The company disclosed an outstanding PILOT liability of $11,800,000, which Bisholte said includes amounts accrued when cruise calls…
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