Dec 10, 2013 11:30 AM
SAN FRANCISCO (AP) — Draft figures from a San Francisco Bay Area research group show the America's Cup sailing races generated far less economic activity than projected.
The San Francisco Chronicle reported (http://bit.ly/J2c6UL) the figures from the Bay Area Council Economic Institute on Monday. They show the races over three months starting in July generated at least $364 million in economic impact. That figure rises to $550 million if the construction of a new cruise ship terminal is factored in.
Still, the Chronicle reports that it is far below the $900 million projected just a few months before the races were set to begin and the $1.4 billion originally estimated in 2010.
The newspaper also says the races have cost city taxpayers more than $5 million so far.
Information from: San Francisco Chronicle, http://www.sfgate.com
©2013 Associated Press. All rights reserved.