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Retailers and tourism businesses are hoping to capitalise on an influx of visitors expected in Auckland over the next few weeks for the Louis Vuitton Pacific Series.
The sailing regatta was announced in September last year in a bid to get racing back on track after the America's Cup was stalled in legal battles.
Given the tough economic conditions, it is being seen as a good opportunity for local businesses.
Michael Barnett, chairman of Auckland Plus, Auckland's regional economic development agency, said the event couldn't come at a better time.
"This is good for the marine industry but also for a whole range of other suppliers who are part of the visitor economy. Given the current squeeze on the economy the timing couldn't be better."
Tourism Auckland chief executive Graeme Osbourne said he was expecting an extra 3000 tourists to be in the city over the two week regatta, which starts on Saturday.
"That in itself is quite a significant number and then of course we have got the syndicates and teams as well."
Twelve teams were initially expected to attend but two have since pulled out citing economic factors.
Each team is expected to bring around 20 to 25 crew members as well as some of their partners and families.
Osbourne estimated an extra $1 million would be spent over the period.
While that falls a long way short of the $400 million spent in New Zealand during the America's Cup racing, Osbourne says the benefits are not just economic but are wide-ranging.
"I think sometimes we get hung up on measuring the benefits that come from major events. It's much bigger than the economic figures."
Tourism New Zealand (TNZ) chief executive George Hickton said his organisation
"sees it as another chance to get New Zealand profiled in the international media space."
Hickton said he expected around 100 journalists to attend the event and TNZ would aim to build on what it had done in Valencia to try and get journalists interested.
Barnett said it was also a chance to attract international investors to New Zealand. "The timing of the Louis Vuitton Series alongside the Millennium Cup means that many of these investors will be here. It provides an opportunity to get alongside existing investors and also to talk to potential new investors who could be important for Auckland's economy."
New Zealand Trade and Enterprise spokeswoman Anna McIntyre said it had been talking to potential business visitors but was uncertain how many would be able to attend given the short notice of the event.
SkyCity is expected to be a big winner from the event with the teams staying at its hotels and a number of functions to be run in conjunction with regatta including a black tie dinner and skippers breakfast.
"We are going to be very close to full. It's probably much better than we were doing last year," said SkyCity's general manager, hotels group, Simon Jamieson.
He said events like the regatta were important in tough times. "We might be affected by a number of things in the economy but one thing we are able to control is events and having a city vital and full of people."
