Can Bermuda ride America's Cup wave?

    Story highlights

    • Bermuda coming out of five years of recession
    • Island spends $77 million on sailing event
    • America's Cup races may yield $250 million

    London (CNN)While cities from Hamburg to Boston bristle at the thought of hosting large, expensive sports events such as the Summer Olympics, street parties were held in Bermuda when the island won the right to host next year's America's Cup.

    After five years of recession, Bermudians hope the world's oldest continuous sporting event will kick-start the economy of this small British overseas territory, east of South Carolina, known for its blue waters, pink sand beaches and shorts.
      "We see the America's Cup as a bridge to new opportunity, a reset of the way Bermuda is viewed as a tourism, event and first world jurisdiction," said Michael Winfield, chief executive of America's Cup Bermuda (ACBDA) which is organizing the event.

        $250M benefit?

        Winfield said he's already seen "a significant up-tick in new sailing regattas" since 2014, when Bermuda beat San Diego for the right to host the America's Cup.
        The eyes of the sporting world will be on Bermuda next June when the azure waters of the Great Sound host defending champion Oracle Team USA against the winner of the Louis Vuitton Challenger Series in the 35th edition of the historic contest.