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NEW ZEALAND HOPES TO REAP ECONOMIC BENEFITS FROM CUP WIN
Published May 15, 1995
By winning the America's Cup and earning the right to host the next regatta in Auckland in late '99 or early 2000, New Zealand hopes the race will "boost the national economy by increasing investment and tourism," according to this morning's WALL STREET JOURNAL. Economists are busy "crunching numbers to gauge the Cup's potential impact on what is currently the fastest growing economy in the developed world." Economist Robin Clements says the event could bring as much as NZ$500M to the economy. Among those feeling an "immediate impact" will be property around the Auckland waterfront, listed stocks such as Ports of Auckland and Air New Zealand, and the sponsors of the Black Magic boat, including Toyota and Lion Nathan, brewers of Steinlager beer (Karene Witcher, WALL STREET JOURNAL, 5/15). New Zealand will also need to spend some money to host the Cup, with cost estimates to update the Auckland waterfront hitting $50M (Amanda Cropp, NEW YORK TIMES, 5/15).