All the Lies About the Already-Disappointing America’s Cup Boat Race in San Francisco Started with this Study from the BACEI

All that fuss about the America’s Cup started with a grossly-distorted report from the Bay Area Council Economic Institute. Here’s the start of it:

“Executive Summary: The America’s Cup is the world’s third-largest sporting competition, after the Olympics and soccer’s World Cup.”

UH, WHO MADE THIS UP? WHO BELIEVES THIS? FIRST OF ALL, “THE OLYMPICS” IS ACTUALLY THE SUMMER OLYMPICS AND THE WINTER OLYMPICS, SO THE AMERICA’S CUP WOULD HAVE TO BE NUMBER FOUR AT BEST. SECOND OF ALL, NOBODY REALLY CARES ABOUT THE AMERICA’S CUP.* SO, THE “INDEPENDENT STUDY” FROM THE CHAMBER OF COMMERCE OF WHATEVER THE HELL CHEERLEADING ORGANIZATION STARTS OFF WITH A LIE. PAR FOR THE COURSE.

Securing hosting rights to the Cup is therefore a prestigious and economically significant prize for any community. 

NO, SEE, NO, YOU CAN’T DO THAT, YOU CAN’T START BUILDING YOUR CASE WITHOUT A FOUNDATION, CAN YOU? I SUPPOSE THAT IF ENOUGH PEOPLE BELIEVE THAT THE AMERICA’S CUP IS “PRESTIGIOUS” THEN IT WILL SOMEDAY BECOME SO, BUT WE’RE NOT AT THAT POINT YET. AC IS NO “PRIZE.”

The economic benefits of bringing the America’s Cup to San Francisco would come primarily through expenditures by racing syndicates, and through spending on hotels, restaurants, and retail and other services by both domestic and overseas visitors and Bay Area residents.

ALL RIGHT, THOSE TWO THINGS. BUT WHERE WILL THE DEFICITS COME FROM? WOULD YOU CARE TO DETAIL THOSE?

If the competition were to run for three months, this could lead to an additional 2.6 million spectators.

AND IF YOU START FLAPPING YOUR ARMS HARD ENOUGH, THIS COULD LEAD TO SUSTAINED FLIGHT.

While these impacts would be primarily concentrated in San Francisco, nearby counties such as Alameda, Marin, Napa, Sonoma, and San Mateo would also benefit from increased visitor and maritime activity. This report endeavours to provide estimates of the economic impact of an America’s Cup match on the San Francisco Bay. Other economists have paved the way by providing estimates of the economic impacts of previous America’s Cups, including an analysis of the economic impacts of the 32nd America’s Cup of 2007 in Valencia, Spain. Starting with that study as a rough guide, this analysis makes a number of assumptions: that infrastructure cost and spending will be several billion dollars less; that spectator attendance will be considerably larger; that the media’s presence will be larger; and that the presence of super yachts will likely be smaller.

UH, BUT NOBODY REALLY CARES ABOUT THE AMERICA’S CUP THOUGH, RIGHT? THIS THING IS A CRUSHING DISAPPOINTMENT ALREADY, RIGHT? WEREN’T THERE SUPPOSED TO BE 18 TEAMS? AND THEN THE ORGANIZERS LOWERED THE ENTRY FEE TO A TOKEN AMOUNT BUT THERE’S STILL VERY LITTLE INTEREST?

From this, we estimate that the increase in overall economic activity in San Francisco due to hosting an America’s Cup could be on the order of $1.37 billion.

AND IF YOU START FLAPPING YOUR ARMS HARD ENOUGH, THIS COULD LEAD TO SUSTAINED FLIGHT.

This is three times the estimated impact of hosting the Super Bowl ($300-$500 million).

NOW HOLD ON, PEOPLE ACTUALLY _LIKE_ THE SUPER BOWL, ARE WE CONFLATING THE TWO EVENTS HERE? AND ACTUALLY, NBC _PAYS_ THE NFL FOR THE RIGHTS TO AIR THE SUPERBOWL (SOME YEARS, ANYWAY) BUT THE AMERICA’S CUP PEOPLE ARE _PAYING NBC_ TO AIR THE AMERICA’S CUP, RIGHT? SO ISN’T THE AMERICA’S CUP KIND OF THE OPPOSITE OF THE SUPER BOWL?

The potential increase in employment surrounding the event could be on the order of 8,840 jobs.

AND NEXT MONTH, I’LL INCREASE THE NET WORTH OF ALL MY READERS, ALL 14 OF THEM, BY $8,840, YOU KNOW, I’LL JUST GIVE THEM ALL MONEY, POTENTIALLY.

This increase in output and employment would likely yield a benefit to state and local government coffers of nearly $85 million.

NOOOPE!

Additional taxes alone to the City’s General Fund are expected to net more than $13 million, based on more than $24 million in revenue, and an estimated $11 million in tourism related costs.

NICE USE OF PASSIVE VOICE THERE. EXPECTED BY WHOM?

Looking beyond the Bay Area, California’s economy would see increased economic activity of $1.43 billion. The U.S. economy as a whole would see increased economic activity of $1.85 billion.

AND WHAT ABOUT THE WORLD AS A WHOLE? IT’S A WIN-WIN, RIGHT? EVERYBODY WINS! HURRAY?

This increase would support the creation of 11,978 jobs.

UH, I THINK YOU MEAN GIGS, YOU KNOW, TEMPORARY EMPLOYMENT?

The figures produced here are likely to be compared to previous estimates indicating that hosting the Cup on the Bay would result in economic benefits to the region on the order of $9.9 billion.

UH, DO YOU HAVE A CITE FOR THIS PIE IN THE SKY? DOES SOMEBODY OUT THERE THINK THAT HOSTING LARRY’S LITTLE BOAT RACE IS AS GOOD AS BILL GATES GIVING US $10 BILLION? REALLY?

We have consciously made an effort to be conservative in our analysis and to evaluate economic impacts for which there is a factual basis and which would be unique to the venue of the San Francisco Bay, and by focusing on readily quantifiable benefits as opposed to those that are more speculative.

WOW, CONSCIOUSLY? LET’S HOPE YOU DIDN’T STRAIN YOURSELVES.

WHOEVER WROTE THIS REPORT IS DELUSIONAL.

SIMPLY.

*NOW, WHAT ABOUT EVENTS BIGGER THAN THE POORLY-NAMED AMERICA’S CUP? HEY HOW ABOUT SOMETHING CALLED UEFA? I THINK THAT’S GOING ON RIGHT NOW IN EUROPE. PUT THAT ON YOUR LIST OF SPORTS BIGGER THAN LIL LARRY’S BACKYARD BOAT RACE.

The world’s most popular sport may be soccer, but in cold, hard dollars, nobody throws a party like the National Football League.

• 1. Super Bowl

• 2. Summer Olympics

• 3. FIFA World Cup

• 4. Daytona 500

• 5. Rose Bowl

• 6. NCAA Men’s Final Four

• 7. Winter Olympics Games

• 8. Kentucky Derby

• 9. World Series

• 10. NBA Finals”

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Leave a Reply