‘Money well spent’ — Tourism Minister says Govt’s $136m America’s Cup splurge paid off despite pandemic

The Government is already backing the next America’s Cup, signalling $5 million to Team New Zealand’s defence of the Auld Mug, TVNZ reports. The Government splashed cash on this year’s campaign which took place in Auckland, investing over $136 million. Economic and Regional Development Minister Stuart Nash said it was “money well spent,” while Auckland Council also spent $113 million on infrastructure. More than 26,000 international visitors were expected to pump $1 billion into the economy when the funds were committed four years ago, but due to Covid-19 that number was dramatically reduced.