Wight: ‘Event Provided Stimulus For Businesses’

March 4, 2016

“It is clear from the results of the data captured” that the America’s Cup was a “great success for Bermuda” and “provided a stimulus for many businesses that was recognized and appreciated, “President of the Chamber of Commerce John Wight said today.

Mr Wight said, “America’s Cup Bermuda Limited [ACBDA] recently published an Economic Impact report which highlighted the benefits to Bermuda of the Louis Vuitton America’s Cup World Series Bermuda, held from October 16th to 18th 2015.

“As explained in the report, the ACBDA sought to capture some of the economic data from the event to give a high level indication of the benefit of hosting this event to Bermuda.

Infographic provided by the ACBDA

LVACWS 2015 Infographic

“The data was captured by relevant stakeholders, with best estimates and assumptions made where appropriate,” continued Mr Wight.

“Given this was a report focused on the Louis Vuitton Americas Cup World Series held in Bermuda last October, the report did not capture the full impact data such as the Royal Naval Dockyard infrastructure being built for the 2017 finals and the numerous and extensive benefits that Bermuda is experiencing from having many of the AC team members and families now residing in Bermuda and the bases at Dockyard that are being built.

“Accepting the caveats mentioned, it is clear from the results of the data captured that in the Chamber’s view, the event was a great success for Bermuda. Many of the Chambers member companies have been struggling for several years, due to the consequences of the Global recession that commenced in 2008.

“This event provided a stimulus for many businesses that was recognized and appreciated. We hope that this is the beginning of improving times for our members as a result of the America’s Cup events in Bermuda.

Highlights of the America’s Cup series in Bermuda:

“The report produced the tangible benefits realized from the October 2015 weekend event, such as the estimated $8.6 million total economic impact.

“Included in this figure was an estimated $6.1 million of visitor spending amongst the nearly 1,500 visitors to Bermuda for the event. The net cost to Bermuda for hosting the event was estimated to be $600,000.

“The Chamber is pleased to support the ACBDA in highlighting the benefits of the event to our members, and to all of Bermuda,” concluded Mr Wight.

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Comments (4)

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  1. watching says:

    And how much of this trickled down to the masses?

    • smh says:

      All of it….you don’t understand how our economy works. Without foreign capital we are just trading dollars

  2. sage says:

    Thanks, Captain Obvious!