Hosting America's Cup could bring $1 billion to NZ economy

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NZN

Hosting the America's Cup could create more than 8000 jobs and be worth up to $1 billion to the economy, a study has found.

The Ministry of Business, Innovation and Employment asked ME Consulting to prepare a report on hosting the 36th America's Cup, which could begin off Auckland in January 2021.

The effects on infrastructure, yacht-building and tourism and the impacts on food, retail and accommodation is significant, ME found, with the cost-benefit ratios coming out well on the side of the benefits.

From 2018 to 2021, it is expected that $600 million and $1b will be added to New Zealand's economy and between 4700 and 8300 jobs will be created.

"The range reflects different assumptions around the number of syndicates competing, visiting super yachts, international tourists and the cost of hosting," the study said.

Issues such as high performance sport and participation and engagement of New Zealanders was not taken into consideration, the report concluded.

Emirates Team NZ member Joseph Sullivan has been given a grand homecoming to Picton, following his America's Cup victory.
Source: Seven Sharp

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