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.

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Jane Sullivan, communications director with the America’s Cup, said the figures from the new report are nothing to complain about.

“It’s still a good news story…many, many cities in this country would be thrilled to be in contention for a national sporting event of this kind and we’re debating whether $800 million is good enough for us. I think that we need to kind of get a grip,” Sullivan said.

The new numbers have left Supervisor John Avalos unimpressed.

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“There was a lot of hype that this event has had over the years and I don’t believe the hype anymore. I don’t believe we’re going to have the benefit that people expect we’re going to have,” Avalos said.

Avalos – who had previously claimed that city leaders were “f-ing played” by organizers – will hold a hearing on this very subject on Wednesday.

A big issue for Avalos is whether the city will have to pick up some costs because of lackluster fundraising efforts. Sullivan remains confident the America’s Cup will still be a moneymaker and said so far every bill has been paid.

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