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ALICANTE, Spain: The Volvo Ocean Race started in Alicante, Spain on Saturday, and the city has already raked in almost US$100 million.
More importantly, hosting the race has put the city on the world map.
Singapore is hoping to ride a similar economic wave when it hosts the race in the later part of 2008.
The boats started the in-port race off the coast of Alicante last weekend, but the Spanish party for the Volvo Ocean Race had begun much earlier, and will continue until the end of the week when the boats start the main off-shore race.
And what a splash it has created for the Mediterranean coastal city.
Event project manager for Alicante 2008 to 2009, Nicolas Figueras Gourgues, said, "We estimate an economic impact of 70 million euros for the city. This is something which we have calculated more or less from 2006 till now."
The organisers expect about a million visitors in the four weeks that this event will be staged in Alicante, and while Singapore may not be able to get those figures, it is looking at other ways to spice things up.
Although Bryan Adams, who was one of the celebrities performing at the Spanish event, is not likely to turn up in Singapore, but there is no doubt Asian celebrities will be present to help attract 40,000 visitors to the Singapore leg of the race.
Vice-president of the International Sailing Federation, Low Teo Ping, said, "For example, Volvo is going to bring in about 900 to a thousand of their board members, their management, their sales staff, together with… their distributors, and throughout Asia and the Pacific."
Others like first-time sponsors Puma will be using their experience in Formula One to good use.
Chairman and CEO of Puma AG, Jochen Zeitz, said, "We are trying to bring new customers into the sport so that it grows. It will not have the same spectatorship as Formula One has, but I think following the race will be extremely exciting."
The race village with all its attractions will also be available in Singapore to keep everyone entertained.
- CNA/yt
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