THE ECONOMY
Elite athletes battle it out at the World Series Triathlon
Serious Fun Bermuda hosts world-class sporting events to boost tourism and the economy
B
ermuda may be known for its pink sand beaches and colorful namesake shorts, but the island is also becoming synonymous with exceptional international sporting events. Chief among them was the 35th America’s Cup, an international sailing regatta that has transformed this midAtlantic nation. “There is no question that Bermuda hosting the America’s Cup had a positive legacy impact on the island,” says Mike Winfield, CEO of America’s Cup Bermuda Limited, the local organisation responsible for the event’s planning and execution. “It also makes people see Bermuda in a new light — as being a fantastic place to do business.” As teams from around the globe vied to win the oldest trophy in international sport — the silver Auld Mug, dating back to 1851 — Bermuda was afforded worldwide notoriety and was given a significant economic boost. For example, there was an estimated $250 million in on-island spending, plus additional gross 30 Bermuda Business Visitor 2020
revenue of $14 million from taxes and duties from the America’s Cup. The America’s Cup legacy produced tangible long-term benefits like new super-yacht marinas and hotel projects and softer advantages such as a higher worldwide profile and a positive spotlight on our blue-chip business culture. The impact on Bermuda’s tourism infrastructure is significant. Existing hotels received massive facelifts, including the Hamilton Princess & Beach Club, which completed a $100 million renovation to refurbish all of its guest rooms, built two new restaurants, two harbor front pools, and a new spa and wellness facility, along with a 60-berth luxury marina; The Loren at Pink Beach, a chic new boutique hotel that opened in early 2017; and a new mega-yacht marina at Morgan’s Point was completed in time to host many of the super yachts that visited during the regatta. The event is also credited with giving impetus to the construction of a brand-new $120 million
St. Regis hotel in St. George’s. “Certainly the hotel tourism industry got quite an uplift,” says Penny MacIntyre, executive vice president at Rego Sotheby’s International Realty. “We saw major hotel properties coming out of receivership, and brand-new construction projects as a result of the America’s Cup coming to the island.” Another ambitious project has been the transformation of the Royal Naval Dockyard on Bermuda’s west end. Once a working boatyard for the British Royal Navy, the dockyard quickly transformed into a bustling America’s Cup village — double duty for the tourism and transportation hub since the dockyard is also where the majority of Bermuda’s cruise ships dock and where dozens of the island’s attractions are based. “What the America’s Cup enabled us to do is to complete and compress our vision for the dockyard,” says Andrew Dias, general manager of WEDCO, the company that oversees Bermuda’s west end. “So