San Francisco has been positioning itself for the America’s Cup race to be held here, with the hope that it brings scores of visitors to make this a tour de force event a cash cow for our economy. The City has been negotiating a deal to fix old worn out piers in exchange for development rights. The question is the draw of the event and whether it will deliver as the City expects.
Over the next 2 years, 58 days of racing will take place. The City would benefit by the influx of attendees’ to restaurants and hotels. Slow fundraising has been a concern for county supervisors who know that $52m is earmarked to spend on prepping for the event.
Analysis of the anticipated 8,800 jobs creation, and $1.4Billion in revenue were made from other America’s cup events held worldwide. As of now, only 3 of the 9 expected teams have signed on for the 2013 finals.
The America’s Cup organization stands behind its forecast, while some supervisors believe the projection is grossly overestimated. San Francisco has a world renown sailing tradition, multiple yacht clubs, visible weekly Regatta’s on the bay which will have us looking forward to seeing if this event brings the funds, crowds and participation anticipated or is a complicated way to repair a waterfront badly in need of attention….and it looks like, possible development.