Well, Larry Ellison has decided to take his little boat race to Bermuda for 2017. Now here’s the coda to his scandal-plagued 2013 effort in the 415. It was written last year but it’s still pretty much up to date:
Briefing Report: America’s Cup – The Economic Boon That Wasn’t
What a burn.
From the conclusion of the analyst’s full report:
Because both the America’s Cup Organizing Committee’s fundraising and tax revenues generated by the America’s Cup events fell short of the original projections, the City’s General Fund incurred net costs of nearly $6.0 million and the Port incurred net costs of nearly $5.5 million, totaling nearly $11.5 million.
Moreover, according to the Budget and Legislative Analyst’s Office, it would appear that San Francisco also failed to meet expectations of job creation and small business involvement:
The impact of America’s Cup tourism on hotel occupancy was minimal with increases in hotel occupancy rates during the events generally less than one percentage point versus prior non-event years.
The Event Authority did not notify or work with the Office of Economic and Workforce Development (OEWD) to recruit San Francisco residents for Event Authority Contracts in 2012.
The America’s Cup provided jobs for 517 city residents out of a total of 2,800 jobs (note original projections stood at 8,840 new jobs).
Neither the Event Authority nor OEWD sufficiently tracked small business participation in Event Authority contracts.
What an embarrassment.