Regatta buoys city economy

Millions of dollars have been injected into the Auckland economy thanks to the Louis Vuitton Pacific Series, says a new report.

The regatta, held on Auckland’s Waitemata Harbour in January and February, featured many yachting syndicates that have taken part in the America’s Cup.

The report was commissioned by AucklandPlus, the region’s economic development agency, and the Auckland City Council.

It found $16.1 million of additional money made its way into the city’s economy.

The council, Tourism Auckland and AucklandPlus each invested $20,000 to help secure the event.

AucklandPlus chairman Michael Barnett says the economic result is a fantastic return on the investment.

The report identified the marine industry as one of the big winners with at least $9m of extra business generated thanks to the regatta.

Mr Barnett says the event could deliver further economic benefits with Auckland’s international profile raised, thanks to television highlights packages screening in more than 100 countries.

- © Fairfax NZ News