Volvo Penta 5.0 running rich at idle

[fiatosca]

I recently purchased a 2005 Chris Craft Speedster with a 5.0 Penta. Boat only has 40 hours on it and is as new in nearly every way. It starts easily, idles smoothly and pulls cleanly to top speed. The only running issue is that it dumps a fuel slick into the water at idle and smells extremely fuelly...so much that it burns your eyes.

Could it be a fuel pressure regulator? Interested in opinions.

 

[evantful]

Whats the exact model of Engine you have (i.e. 5.0GI PWTR, 5.0Gi-A, etc), you should be about to find it listed on a sticker on the engine