By Robbie Butler
There was some disappointment locally this week when the Government announced further economic assessments were needed to assess whether Cork should bid to host the 37th Americas Cup.
The words "Ireland" and "hosting of an international sporting event" seems to appear in a ever-more frequent cycle with the Summer Olympics Games, Ryder Cup, Euro 2008, the 2023 Rugby World, the 2030 FIFA World Cup (and there are more) all attached to Ireland in recent decades.
However, given the announcement this week, it seems some reflection is happening in the corridors of power and if the report below by New Zealand based Fresh Info on the most recent Americas Cup held in Auckland, New Zealand is anything to go by, the taxpayer might be about to avoid another bill.
The report is a lengthy impact assessment of the most recent even held in Auckland, New Zealand. The Executive Summary reads as follows:
"This evaluation has identified a net benefit to Auckland of hosting the 36th America’s Cup (AC36) of -$91.6 million (benefit-cost ratio of 0.85) and a net benefit to New Zealand (including Auckland) of -$156.1 million (benefit-cost ratio of 0.79)."
The report continues:
"These figures are based on financial impacts (represented by actual or expected financial transactions) and non-financial impacts (unpriced social, cultural, or environmental effects). Focusing solely on financial impacts reveals a net benefit of -$145.8 million (benefit-cost ratio of 0.72) for Auckland and a net benefit of -$292.7 million (benefit-cost ratio of 0.48) for New Zealand (including Auckland). The financial impacts are the most relevant comparators with previous America’s Cup studies, including the original economic projection of the costs and benefits of hosting AC36 – which predicted a benefit-cost ratio for New Zealand of between 0.997 and 1.14."
It goes on to say:
"The number of international visitors was significantly lower than projected due to a lower-than-predicted number of Challengers and the COVID-19 border restrictions which prevented most non-essential visitors from entering New Zealand...Of the 281,329 attendees, 77.3% were from Auckland, 20.2% were from elsewhere in New Zealand (domestic visitors) and the remaining 2.4% were from overseas (international visitors)."
The full report can be found here.
There was some disappointment locally this week when the Government announced further economic assessments were needed to assess whether Cork should bid to host the 37th Americas Cup.
The words "Ireland" and "hosting of an international sporting event" seems to appear in a ever-more frequent cycle with the Summer Olympics Games, Ryder Cup, Euro 2008, the 2023 Rugby World, the 2030 FIFA World Cup (and there are more) all attached to Ireland in recent decades.
However, given the announcement this week, it seems some reflection is happening in the corridors of power and if the report below by New Zealand based Fresh Info on the most recent Americas Cup held in Auckland, New Zealand is anything to go by, the taxpayer might be about to avoid another bill.
The report is a lengthy impact assessment of the most recent even held in Auckland, New Zealand. The Executive Summary reads as follows:
"This evaluation has identified a net benefit to Auckland of hosting the 36th America’s Cup (AC36) of -$91.6 million (benefit-cost ratio of 0.85) and a net benefit to New Zealand (including Auckland) of -$156.1 million (benefit-cost ratio of 0.79)."
The report continues:
"These figures are based on financial impacts (represented by actual or expected financial transactions) and non-financial impacts (unpriced social, cultural, or environmental effects). Focusing solely on financial impacts reveals a net benefit of -$145.8 million (benefit-cost ratio of 0.72) for Auckland and a net benefit of -$292.7 million (benefit-cost ratio of 0.48) for New Zealand (including Auckland). The financial impacts are the most relevant comparators with previous America’s Cup studies, including the original economic projection of the costs and benefits of hosting AC36 – which predicted a benefit-cost ratio for New Zealand of between 0.997 and 1.14."
It goes on to say:
"The number of international visitors was significantly lower than projected due to a lower-than-predicted number of Challengers and the COVID-19 border restrictions which prevented most non-essential visitors from entering New Zealand...Of the 281,329 attendees, 77.3% were from Auckland, 20.2% were from elsewhere in New Zealand (domestic visitors) and the remaining 2.4% were from overseas (international visitors)."
The full report can be found here.
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