America’s Cup event to generate $72 million
An economic impact analysis report conducted by the Rhode Island Department of Revenue estimates that the America’s Cup World Series event scheduled to take place in Newport on June 23 through July 1, 2012, is expected to generate $72 million in spending – including direct and indirect expenditures – towards the Rhode Island economy and create 400 jobs in the state in 2012.
“By showcasing our state on an international stage and making permanent public infrastructure improvements at Fort Adams State Park, we are positioning Rhode Island to expand tourism and boost visitor spending,” Governor Lincoln D. Chafee said. “Our efforts in anticipation of the [America’s Cup] World Series will ensure that the Ocean State remains a top-tier venue for future world-class sailing competitions that will stimulate long-term economic activity well beyond next year’s races.”
RIEDC Executive Director Keith Stokes added, “With $72 million in new spending and the creation of 400 new jobs, this single event is an exciting economic growth opportunity that will support many local businesses and key industries across the state.”