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America's Cup

We're in the money - Bermuda get $330 million boost

The America’s Cup will give a $330 million boost to Bermuda's economy and the event came in nearly $13 million under budget, according to the PricewaterhouseCoopers Advisory Limited (PwC) report.

The Bermuda local paper, The Royal Gazette, reports that the 35th America’s Cup event in Bermuda, originally forecast to cost the island $77 million, ended up $12.9 million under budget.

According to America’s Cup Bermuda Limited (ACBDA) who engaged PwC: “This represents a 525 per cent return on investment, including future tourism revenue.

The 62-page PwC report reveals that the America’s Cup generated $194.3 million incremental on-island spending in the 2½ years from January 2015, which resulted in a $245.6 million boost to GDP.

ACBDA chief executive Mike Winfield said: “The collaboration between ACBDA and America’s Cup Event Authority proved to be a win-win, which positions Bermuda well for future events.”

ACBDA chairman Peter Durhager added: “The greatest economic value to Bermuda hosting the America’s Cup came from the 450 team members and organisers who moved to Bermuda with their families, living and working in our community, buying groceries, cars and bikes and renting homes from Bermuda landlords.”

In addition a further $14.4 million was spent in Bermuda by the 745 superyachts and other visiting yachts in May and June of this year alone.

The event was broadcast in 163 other countries with 452 million viewers across the world and over 22,000 news articles were published in 61 countries.

The Royal Gazette

62-page PwC Report

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