Can Bermuda ride America's Cup wave?

    By Danielle Rossingh, for CNN

    Updated 1125 GMT (1925 HKT) October 26, 2016

    Founded in 1851, the America's Cup is the oldest continuous international sports event in the world.
    Photos: Bermuda up close
    Founded in 1851, the America's Cup is the oldest continuous international sports event in the world.
    Hide Caption
    1 of 7
    Only a seven hour flight from London Gatwick and 90 minutes from New York City, the local Bermuda government is hoping the 2017 America's Cup will give its economy a boost after five years of recession. Here's a shot of Horseshoe Bay Beach, voted one of the best beaches in the world by the likes of Conde Nast and TripAdvisor.
    Photos: Bermuda up close
    Only a seven hour flight from London Gatwick and 90 minutes from New York City, the local Bermuda government is hoping the 2017 America's Cup will give its economy a boost after five years of recession. Here's a shot of Horseshoe Bay Beach, voted one of the best beaches in the world by the likes of Conde Nast and TripAdvisor.
    Hide Caption
    2 of 7
    This semi-tropical paradise of 181 islands may be mainly known for its stunning beaches, but it also has more golf courses per square mile than anywhere else in the world. Here's Rory McIlroy hitting his tee shot on the 16th hole during the final day of the PGA Grand Slam of Golf at Port Royal Golf Course in 2014 in Southampton, Bermuda.
    Photos: Bermuda up close
    This semi-tropical paradise of 181 islands may be mainly known for its stunning beaches, but it also has more golf courses per square mile than anywhere else in the world. Here's Rory McIlroy hitting his tee shot on the 16th hole during the final day of the PGA Grand Slam of Golf at Port Royal Golf Course in 2014 in Southampton, Bermuda.
    Hide Caption
    3 of 7
    Although Bermuda isn't part of the Caribbean, it does boast the northernmost coral reefs thanks to the warm waters that flow from through the region on the Gulf Stream which make it ideal for scuba diving and spear-fishing.
    Photos: Bermuda up close
    Although Bermuda isn't part of the Caribbean, it does boast the northernmost coral reefs thanks to the warm waters that flow from through the region on the Gulf Stream which make it ideal for scuba diving and spear-fishing.
    Hide Caption
    4 of 7
    The Bermuda hospitality industry is currently re-branding itself as a hip, sporty tourism destination. This is the famous Ariel Sands resort, co-owned by the actors Michael Douglas and Catherine Zeta Jones. It's being refurbished and will open next year in time for the America's Cup, complete with beachside cottages, a fresh water pool, direct beach access, a salon and spa. The eco-friendly property will be running on green energy.
    Photos: Bermuda up close
    The Bermuda hospitality industry is currently re-branding itself as a hip, sporty tourism destination. This is the famous Ariel Sands resort, co-owned by the actors Michael Douglas and Catherine Zeta Jones. It's being refurbished and will open next year in time for the America's Cup, complete with beachside cottages, a fresh water pool, direct beach access, a salon and spa. The eco-friendly property will be running on green energy.
    Hide Caption
    5 of 7
    After a long day sailing, diving or spear-fishing, islands guests can enjoy a subterranean spa at the Grotto Bay Beach Resort. The hotel offers treatments carried out on floating pontoons surrounded by stalagtites.
    Photos: Bermuda up close
    After a long day sailing, diving or spear-fishing, islands guests can enjoy a subterranean spa at the Grotto Bay Beach Resort. The hotel offers treatments carried out on floating pontoons surrounded by stalagtites.
    Hide Caption
    6 of 7
    The sun sets over Hamilton, the capital of Bermuda, after a training day last year during the America's Cup World Series. Next year's finals may give its economy a $250 million boost, local organizers say.
    Photos: Bermuda up close
    The sun sets over Hamilton, the capital of Bermuda, after a training day last year during the America's Cup World Series. Next year's finals may give its economy a $250 million boost, local organizers say.
    Hide Caption
    7 of 7
    America's Cup Artemis Racing airborne23_Horseshoe Bay Beach_Southampton Parish_BermudaRory McIlroy Port Royaldiver lionfishcelebrityownedhotels-Ariel-Sands copycarib hotel-Grotto Bay Beach Resortamerica's cup bermuda sunset

    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.
        READ: Sailing's money men

        $250M benefit?

        Read More
        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.