Byline: Associated Press
SAN FRANCISCO (AP) — A new report shows the upcoming America’s Cup regatta won’t pump in more than $1 billion to the Bay Area’s economy, as originally had been hoped.
The report by the Bay Area Council Economic Institute scaled back revenue and cost projections. The area is still expected to see more than $900 million in economic activity, but the figure is down from an expected $1.4 billion. Costs have also shrunk from about $32 million to $22.5 million.
The San Francisco Chronicle reported Mayor Ed Lee was leading efforts to raise $20 million from private donors.
Racing begins July 4, and the finals will be held in September. The event is expected to attract about 2 million people.