Sorry I gave you a wrong answer in my first post. This has nothing to do the
Numberof25s variable. Thats what I get for giving a hasty response. VB.NET implicitly assigns a value to primitive data type variables if they are not assigned a value to begin with.
But it has to do with the fact that you are declaring an array of controls. You need to declare explicitly how many controls you want in your array before you can instantiate a new control.
Currently you have declared an array of PictureBoxes, but you never tell it how many controls to create.
For example put a number inside the constructor of the array of controls declaring how many you want.
CODE
Dim Chips25(10) As PictureBox
Dim Numberof25s As Integer
Chips25(Numberof25s) = New PictureBox
Chips25(Numberof25s).Visible = True