The Guam Visitors Bureau received an unmodified (clean) opinion in its fiscal year 2024 financial statements from independent auditors Ernst & Young, according to the Office of Public Accountability. 

However, the audit found a deficiency in internal control that they consider to be a material weakness, related to GVB contracts with businesses associated with the GVB board– totaling $184k. 

The bureau closed FY24 with an increase in net position of $60 million.

Total revenue increased by $5.7 million between FY23 to FY24. This was mainly due to the continued increase in non-operating revenues from GovGuam appropriations. 

The audit finds legislative appropriations to GVB have increased significantly between FY2021 to FY2024, from $5.3 million to $30.3 million.

The increase in local funds was offset by the significant decrease in federal contributions compared to previous years. 

Operating expenses continue to increase the past couple of years– going from $8.3 million in FY21 to $27.4 million in FY24.   

From FY23 to FY24, GVB’s total operating expenses increased by $5.9 million– a 28 percent increase due to multiple reasons. They include an increase in professional and personnel services, repairs and maintenance, sponsorships and miscellaneous expenses. 

Tourism arrivals for FY24 increased 25 percent from the prior fiscal year, at a total of 752-thousand arrivals. but arrivals were still at 46.2 percent compared to Guam's highest record in 2019. 

Visitor arrivals for FY25 are projected to reach 800-thousand– or about 49 percent of pre-pandemic levels, with Korea expected to remain the largest market.