The 35th America's Cup will boost Bermuda's economy by US$S330m (including a predicted $US90.8 in tourism over the next five years, reports sailing website Scuttlebutt.
The event itself came in nearly $US13 million under budget, according to the ACBDA (America's Cup Bermuda), quoting an economic and social impact assessment on the event conducted by PricewaterhouseCoopers.
"This represents a 525 per cent return on investment, including future tourism revenue," a ACBDA statement said. "That is, for every $1 of the $64.1 million spent, $5.25 will be returned back into Bermuda's economy, generating extra revenue for local businesses and residents and additional wages for local workers."
The 62-page PwC report reveals that the America's Cup generated $US194.3 million incremental on-island spending in 2½ years from January 2015, which resulted in a $US245.6 million boost to GDP.
The majority of the additional on-island spending came from the competing sailing teams and organisers, their support crew and families living and working in Bermuda and totalled $US116.4 million.
Of the $194.3 million spent on island for the event 29 per cent went to hotels and restaurants, 14 per cent to real estate and rentals, and 13 per cent to the construction industry.
