The Legislature declares that the opportunity for full participation of bona fide continuous resident's business enterprises and women's business enterprises in the tourism and casino industry is essential if social and economic parity is to be obtained and if the local economy of St. Croix is to be stimulated and sustained, as intended by the “Casino Control Act”. To satisfy this objective, bona fide resident's business enterprises and women's business enterprises, as defined in Section 557 of this title, shall be referred to as “Preferred Contractor's” under this chapter.