America's Cup: $1.1 Billion for RI
GoLocalProv News Team
America's Cup: $1.1 Billion for RI
The biggest boost would come from participants, who account for at least half a billion of that activity. Tourism related to the event would yield at least $122 million in economic activity and the state would net $18.9 million in taxes, according to the study, which was produced by Kahn Litwin Renza & Co.
“Hosting the 34th America’s Cup final event would boost Rhode Island’s economy with an estimated $1.1 billion in economic impact and generate almost 8,000 jobs,” said Keith Stokes, Executive Director of the Rhode Island Economic Development Corporation. “These are preliminary numbers specific to one race. They don’t consider the ongoing benefits generated through permanent public infrastructure improvements to Fort Adams State Park that would help the state become more competitive in attracting additional racing events that we previously lost because of the lack of amenities.”