That being said, I can understand the disappointment to some who do not want 2,000 jobs to be created in order to see the government to fail. To them I say, if this event is successful and Bermuda gains, the entire country will benefit.

I cannot see any argument against the America’s Cup and Government’s plans to make it happen. I think PLP must now show their support and show that they want the workers of Bermuda to have jobs. If not, they will once again be on the wrong side of history and seal their fate for many years to come.

Well done OBA.

Read into that what you will.

On the plus side, the economy is expected to benefit to the tune of $250m

Besides, once they get a little rum or burr in them, no worries.

Piss off.

its interesting that you would use Bean and Burt as a source especially the amount of hash that gets thrown at them

asking questions shouldn’t be seen as negative but in Bermuda’s hyper politicized environment everything tends to

if Gibbons wants to take a gamble with the tax payers money he should take the $47 million down to Bean’s gambling parlour and buy some Florida lottery tickets

America’s Cup it should be called the Bermuda’s Cup since Bermuda will end up paying for it

I expected more from the BTA.

ergo the problem

So $47mn spent over 3 years with annual Govt budgets of approximately $1bn annually equates to 1.6% over the next 3 budgets. Hardly breaking the bank wouldn’t you say? If you want to be more conservative then include the $25m guarantee and that still only translates to 2.4% of $3bn or 7.2% of $1bn (annual budget).

On top of that where does it say that more debt will be issued to fund these developments? Bob borrowed $800mn in his first year to cover 3 years of deficits as a means to lock in the low interest rate environment. I am pretty sure that all this would have been taken into account during the crunching of these numbers. These aren’t financial amateurs.

The economic impact will be felt within the community more so than the Government. By stimulating the economy the private sector will be enhanced and thus by extension Govt fees and taxes will also increase. The exposure that this event will bring to the island will be unprecedented and will put Bermuda back on the tourism map. It is an event that is viewed by many throughout the world.

One minute you and others complain about austerity and then the next you complain about Govt spending which will inevitably stimulate the economy. Since when did you guys care about going bankrupt and the like? Before such spending was for ‘the people’ and deemed necessary. The difference being is that these monies will be funding an event that will produce a return. The only capital project that I can think of that has long term financial benefits is the Dockyard Pier.

I mean even the Opposition agrees with the positive impact this will have for the island and acknowledge that some expenditure will have to occur to facilitate this event.

Look, you have posted enough negativity about this event since Tuesday. We get it. You don’t like the OBA, you do not like any of their ideas or initiatives, you do not like sailing and you won’t support any idea/plan/action undertaken from December 2012 to 2017. We get it.

I’m sure many jobs were created when we brought Beyonce to Bermuda. Don’t get me wrong, it was a great show.

But hey, this might bring in more foreign investors and deals for Bermuda that will bring more foreign companies here who can bring more jobs that won’t go to Bermudians. Although a few of token “Bermudians” may get crumbs in comparison to others, its so sad to see how black Bermudians always have the short end of these deals while there children are used to wave and smile in the streets.

So as some Bermudians jump in glory and go on the blogs and papers talking about how great this event that takes place in tourism’s peak season when business is needed during the off season, black Bermudians will continue to see their opportunities in their own country minimized and maringalized in comparison. The elephant in the room i.e. the inequity between white and black Bermudians continues to get bigger and ignored.

Go America’s Cup!!!

so of that estimated $250 million of on island spending a minimum of $72 million will be as a result of additional debt increases taken on by the tax payers

I take it Government expects to see somewhere in the range of $180 million of on island spending sourced from foreign sources as Bob Richards often reminds us that Bermuda dollars are not worth anything

so the event may bring in $180 million over 3 years which equates to $60 million each year

so to put it into perspective IB generates over 1 billion each year in economic stimulus and has done so for well over a decade

so the America’s Cup is estimated to generate a measly 3% of what IB generates for a 3 year period yet is hailed as the necessary shot in the arm to get the economy back on track

one thing that can be said about the OBA is that they are very fond of using surrogates that distract from what’s really happening behind the scenes

the OBA needs to stop playing games and develop Bermuda real alternative industries

if San Diego goes bankrupt the state of California will bail them out

if the state of California goes bankrupt the U.S. federal government will bail them out

if Bermuda goes bankrupt who will bail Bermuda out

so whats d cost?