SAN FRANCISCO (KCBS) — A new report has cut the Bay Area’s economic benefits from the America’s Cup Race this summer in San Francisco from $1.4 billion down to $780 million. The yet-to-be published report with the new estimates comes out this week and has at least one of the San Francisco Supervisors apprehensive about the whole event.
Beacon Economics did the study in 2010, which partially influenced city leaders’ decision to embrace the race, but now with their original figure has been cut nearly in half. The new study estimates 5,500 jobs will be generated and the City of San Francisco is looking to reap $14 million in revenue.READ MORE: Michelle Go, Killed In New York Subway Attack, To Be Mourned At San Francisco Chinatown Vigil
Jane Sullivan, communications director with the America’s Cup, said the figures from the new report are nothing to complain about.