Since 2001, the tournament has been played at the 4,000-seat UVI Sports and Fitness Center. The first year of the tournament was played at Ivanna Eudora Kean High School, in anticipation of the completion of the state-of-the-art UVI facility in 2001. In June of 2003, a five-year contract extension was inked between Basketball Travelers, Inc. and the University of the Virgin Islands, ensuring the future of the Paradise Jam tournament in St. Thomas. The UVI facility was praised as the best non-mainland tournament facility by several tournament head coaches. Billy Hahn, LaSalle coach said, "I’ve been to Maui and San Juan and the U.V.I. venue is A#1 the best. The locker rooms and floor are great – it’s not even close!" Murry Bartow, who was the head coach of UAB in 2001, said, "The facility is unbelievable. Usually at [non-mainland] games not many people show up, but the atmosphere was really good."

Tourism & Television
The two-week tournament in November draws more people to the Virgin Islands than any other event except Carnival and brings much-needed dollars to the territory’s businesses just before the tourist season gears up. From a tourism point of view, college basketball fans are demographically desirable. The median household income of NCAA basketball viewers, according to an ESPN-commissioned study by MRI Custom Cable, is $9,000 higher than the national median. The data was drawn from the cable company’s advertising material and data from the U.S. Census Bureau.

In October 2004, Basketball Travelers, Inc. signed a deal with Fox College Sports to televise two games each during both the men’s and the women’s championship rounds of play. The live broadcasts reached an estimated audience of nearly 60 million homes, thanks to Fox College Sports exercising their option to extend the live broadcasts to regional coverage on sister network Fox Sports Net. Tournament directors see the addition of television coverage as taking the Paradise Jam to the highest level of college tournaments. The U.S. Virgin Islands also greatly benefits from valuable national media coverage, exposing potential tourists to the beauty and splendor of the islands. Boosting the island’s economy via tourism also fulfills a core tournament objective.

Strong Fields
Since its inception in November 2000, the U.S. Virgin Islands Paradise Jam has been a prime location for stiff early-season women’s basketball competition. All four participants that first year were ranked Top-25 in pre-season polls, with Southwest Missouri State making it to the Final Four. The participants since then have continued that tradition of excellence. Seven of the eight teams in the 2002 field made it to the NCAA tournament, with Duke making it all the way to the Final Four. Four of the eight 2003 participants earned trips to the 2004 NCAA tournament.

During the men's four year tournament tenure, each of the men’s field winners have advanced to the NCAA tournament in the year following their participation in the Paradise Jam. Miami (unranked prior to the tournament and ranked as high as 12th afterwards) and BYU both accepted invitations to the 2003 Big Dance. 2003 Paradise Jam participants Boston College and Monmouth both earned invites t the Men's NCAA tournament in 2004.

Thanks to a new ruling adopted August 1, 2006, teams may participate in a Multiple Team Event (formerly called a certified or exempt tournament) like the Paradise Jam every year.  Previously teams could only compete in these types of tournaments twice every four years.  A Multiple Team Event effectively creates a situation where a team may compete in a three- or four-game tournament and only have it count as two games against their total season maximum of 29 contests.  The authorization for teams to participate in Multiple Team Events on an annual basis should allow the opportunity for more "big-name" teams to compete in the Paradise Jam in the future.  The 2006 men's Paradise Jam field was immediately impacted by the new ruling, with the addition of Iowa and Alabama.  These two well-respected NCAA programs would not have been eligible to participate in the 2006 Paradise Jam under the old 2-in-4 rule.

Tournament Goals and Objectives
As the second largest tourist event on the island behind Carnival, the Paradise Jam provides an important boost to the local economy and tourism trade. "That’s what we hang our hats on in November," said UVI Athletic Director Peter Sauer. "The tournament brings in people who spend money. The main thing is that it’s really good for the Virgin Islands people." The two-week, 14 team tournament brings in an estimated 1000 people to the island who are spending their tourism dollars on hotels, restaurants, transportation, services, and island memorabilia. The future addition of national television coverage would serve to attract even more tourism interest.

Bringing big-time college basketball to the islands for the enjoyment and entertainment of the people is another objective of the Paradise Jam. The people of the U.S.V.I. are very basketball-savvy as well as talented. Several players from the islands have earned scholarships to mainland colleges. The most famous player from the U.S.V.I. is NBA Most Valuable Player Tim Duncan of the San Antonio Spurs. Islanders have brought their raucous enthusiasm for basketball to the Paradise Jam since the tournament’s inception, much to the surprise and joy of participating players and coaches alike. The loud crowds inspire the players from mainland colleges to raise their early-season play to an even higher level. Many coaches comment about the strong fan support they receive at the games, which especially for many of the women’s teams is an unexpected bonus.

Education and youth involvement are also encouraged via the Paradise Jam tournament. Promotion of the game of basketball to the youth of St. Thomas is achieved through basketball clinics administrated by the participating college coaches or tournament staff. Local high school youth are recruited as junior staff members to assist the tournament administrators in running all aspects of the tournament. The youth learn about service, sales, hospitality, media relations and many other skills as they work side by side with experienced staff members. Other youth participate in steel pan bands during welcome receptions or school bands performing at half-time of games. These young community members are an integral part of the success of the Paradise Jam tournament, while also learning valuable lessons in service and organization.

The tournament also strives to educate and impress the incoming tournament participants with the matchless beauty and attributes of the island’s nature and culture. Functions such as the Welcome Reception with mocko jumbies dancing to the steel pan band, and the catamaran snorkel tour show off the unique features of island life in St. Thomas. Many tournament participants comment that the memories they take with them of the people they met, the reef habitats, the sunshine, and the beauty of the island will never be forgotten.

Despite its youth, the Paradise Jam is already earning accolades around the collegiate basketball community. In 2001, just after the first men’s tournament, AP basketball writer Jim O’Connell wrote, "Move over, Maui. Step aside, San Juan. There’s a new vacation venue moving onto the Division I basketball scene."