SAN FRANCISCO (KCBS)— A new report by the Bay Area Council Economic Institute (BACEI) indicates that the City of San Francisco lost money hosting the America’s Cup.
The figures show the races over three months starting in July generated at least $364 million in economic impact for the San Francisco Bay Area. That figure rises to $550 million if the construction of a new cruise ship terminal is factored in.READ MORE: 3-Alarm Fire Burning at West Oakland Recycling Center
The San Francisco Chronicle reported the numbers Monday and found that the economic impact is far below the $900 million projected just a few months before the races were set to begin, and the $1.4 billion originally estimated in 2010.
The newspaper also said the races have cost city taxpayers more than $5 million.