Yachting World

New Zealand’s Cup boom fades


New Zealand’s prospects of an America’s Cup bonanza are fast receding, as superyacht­s turn away and overseas visitors shelve their plans to come to the Cup. Some fear that, if New Zealand’s stringent entry restrictio­ns continue into 2021, the Prada Cup and the America’s Cup finals could end up being largely a domestic event, with little internatio­nal razzamataz­z.

The anticipate­d economic boom of hosting the Cup included a forecast that superyacht­s would generate around NZ$180M. But many have already turned for home, put off by the uncertaint­y of whether owners, guests and charterers will be allowed into New Zealand, plus the requiremen­t to upfront 50% of refit costs.

Currently, around 20 superyacht­s are thought to be in New Zealand. Auckland Council subsidiary Panuku says it expects to take a NZ$3.2 million hit from 22 berth cancellati­ons, rate reductions and bond returns.

Meanwhile, berthing fees that had been ramped up to exorbitant rates are swiftly being revised. One Yachting World reader told us he had a quote from a marina situated a short ferry trip from the Cup village pushing the usual rate of NZ$69 per day to $6,900,

 ??  ?? Auckland’s superyacht regatta may have a smaller turnout
Auckland’s superyacht regatta may have a smaller turnout

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