|Large-scale regional/international events can bring immense economic benefits to the host city. A marina can host mega sporting events attracting a wide range of yachts around the globe bringing not only economic growth and urban development, but also sponsorship and worldwide media coverage, thereby enhancing and projecting Hong Kong's image.1
Take the world-renown America’s Cup as an example. The 34th America’s Cup in San Francisco (2013) brought a total of 700,000 visitors and 1,175 new jobs with a total economic impact of $364 million.2 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 and job opportunities for the host cites.
A marketing study found that Abu Dhabi, a stopover port of Volvo Ocean Race in 2012, recorded a direct economic impact of 20.71 million Euros while the Sanya stopover port race recorded 38.11 million Euros. When take into account the benefit to local catering, hospitality and other consumer services, the total economic benefits 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. Other than commercial benefits, International boat shows can also help raise funds for charity. For example, China (Shanghai) International Boat Show Charity Regatta raised money for building libraries in rural schools in 2014.4
1 Kim, W., Jun, H., Walker, M., & Drane, D. (2014). Evaluating the perceived social impacts of hosting large-scale sport tourism events: Scale development and validation. Elsevier, 48, 21-32.
2 Angela Johnston, Seven important numbers from the final America’s Cup Economic Impact Report, KALW, 2013
3 Volvo Ocean Race - Race Report 2011-2012
4 The 8th China (Shanghai) International Boat Show Charity Regatta, 2015
Port Hercula, Monaco
Clipper Round the World Race at Qingdao
Viewing Deck of Clipper Round the World Race at Qingdao
Volvo Ocean Race