Immense economic benefits, enhancing Hong Kong's positioning
Large-scale events brings immense economic benefits to the host city. International sailing races will attract yachts from around the region and other parts of the world. In addition to revenue generated from participants and spectators, international sailing races attract sponsorship and world wide media coverage, thereby enhancing and projecting Hong Kong's image.
Take the world-renowned America’s Cup as an example. The race has brought a total of 6 million tourists to the host cities where the preliminary and final events are held, each time generating an estimated US$ 8 billion in direct and indirect economic benefits. This is in the third place after the Olympic Games and FIFA World Cup only. Other large-scale international events, such as Volvo Ocean Race, Clipper Round the World Yacht Race and the ISAF World Sailing Championship have all brought in impressive income for the host cites.
(Source: Allianz Econ Impact Report into the America's Cup)
A marketing study has found that Singapore, a stopover port of Volvo Ocean Race, recorded a total economic impact of US$44 million, including a direct impact of US$27 million to the city. Yachting events held at other cities in 2008-09 recorded peak day crowds of 160,000 people in Stockholm, Sweden and 363,700 visitors in Qingdao, China. When take into account the benefit to local catering, hospitality and other consumer services, the total economic benefits that can be generated are by any standard enormous. Hundreds of permanent and temporary jobs will be created and the festive atmosphere will raise the spirit of local people as well as the visitors.