One event drives a $NZ11.54 boost to GDP
According to reports in New Zealand, an independent audit has concluded that Auckland’s return to the international yachting scene in February through hosting the Louis Vuitton Pacific Series injected about $16 million into the Auckland economy.
And it gets better as the while the $16.1 million cash injection translates to an $11.54 million increase in the Auckland region's GDP, the audit’s estimates did not include extra spending by super-yacht owners coming for the associated Millennium Cup regatta.
The series, which was run by Louis Vuitton, Emirates Team New Zealand and the Royal New Zealand Yacht Squadron, attracted Government spending of $750,000 for New Zealand's two boats and to help BMW Oracle with the two boats they shipped over from the America's Cup sailing base in Valencia, with Auckland City Council, Tourism Auckland and AucklandPlus each giving $20,000 to help secure the event.
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