The Louis Vuitton America’s Cup World Series 2015 event held from 17th and 18th October, in Bermuda mothered an estimated US$ 8.6 million – some US$ 6.9 million more than it was earlier thought of – in economic activity as per an impact research.
The Economic Impact Analysis Report was developed by a consultant 2nd to America’s Cup Bermuda Lt by a local accounting company and it constitutes direct investment into Bermuda economy. Around US$ 6.1 million, or seventy percent of the spend was brought forth from overseas sources.
Talking at a media conference earlier, Minister for Economic Development Grant Gibbons stated that the actual returns far exceed primary protrusions. This is really a very good result that builds on the overall benefit of hosting the America’s Cup, the teams and all related events.
He added that they concentrated on economic activity which could be attributed directly to this event and have not considered any secondary spending or indirect economic profits that could commonly be accounted in a full economic assessment. In that light, this judgment can be considered conservative.
The kinds of services consumed included restaurant meals; hotel rooms; transportation; corporate hospitality events; other boats; as well as shopping at the event village and with other retailers. And, more than this, an international media coverage went up to a worldwide audience of US$ 14.1 million, described by Dr Gibbons as a massive positive contribution to Bermuda’s international visibility in top tourism markets.