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

http://www.usatoday.com/story/tech/2013/12/10/americas-cup-likely-to-return-to-san-francisco/3953063/

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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