Thursday, 12 December 2013

35th America's Cup likely to return to San Francisco Bay despite economic benefits falling short of projections

From the following article on USATODAY by Jon Swartz

SAN FRANCISCO – America's Cup is likely to return here in summer 2017 after a gripping, winner-take-all finish turned the yachting race from bust to a bustling boom for the local economy.
An economic report, released Tuesday, said the international sporting event pumped $364 million into Bay Area businesses during its three-month stay.

The international sailing competition drew more than 700,000 people to the waterfront and could generate more than $550 million if the long-planned construction of a new cruise ship terminal is factored in, the Bay Area Council Economic Institute says.

The economic haul is far short of the $902 million projected in March – and about one-fourth the $1.4 billion economic originally predicted in 2010. The race cost San Francisco taxpayers at least $5.5 million.

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