New Zealand made a loss of $156 million from hosting the America’s Cup event in March, RNZ reports. An evaluation report released by the Crown and the Auckland Council shows that for every dollar spent, 28 cents was lost. The loss is put down to higher than projected public investment, few international visitors, and only three of the potential 10 challengers racing. The analysis showed Auckland lost a total of $91.6m when intangibles like social, cultural and environmental costs and benefits were factored in, and lost $145.8m from a purely financial standpoint.
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