When it comes to event tourism, there are few events bigger than the America’s Cup.

The third largest global sporting competition after the Olympics and the World Cup, the 35th edition of sailing’s blue ribbon event now seems almost certain to be held in Bermuda in 2017.

Barring a last-minute change of heart to keep the event in American waters for flag-waving reasons, this week’s high-level leak to the Associated Press that Bermuda will be officially named as the venue on December 2 can likely be taken as cast-iron, copper-bottom fact.

With a number of preliminary regattas to determine the challenger to cup holder Team Oracle USA already confirmed for Bermuda in the two years leading up to the series, the potential impact of these prestigious events on our tourism industry and any number of associated socio-economic fronts cannot be overstated.

Events are increasingly important drivers of tourism in the modern world and now feature prominently in the development and marketing plans of most destinations. And such is the impact of mega-events like the America’s Cup and its challenger regattas on destination competitiveness that securing hosting rights is a protracted, no-holds-barred process, one which can very easily turn ugly.

So don’t rule out an eleventh hour appeal to Oracle CEO Larry Ellison’s patriotism. Or sustained attacks on his loyalty. It is the billionaire computer mogul who has reportedly plumped for Bermuda, deciding his team will be the first American crew to defend the title outside the United States in the 163 year history of the “Auld Mug.”

The six syndicates which have already declared their intention to challenge for the 2017 America’s Cup would enjoy certain tax advantages if the event was held in Bermuda.

But the Island’s chief appeal lies in the fact our location would be more advantageous for broadcasting races live to vast, largely untapped East Coast and European TV audiences than a California venue.

“For Ellison the real prize of winning the America’s Cup wasn’t the trophy – it was the ability to write the rules for the next time … to make the Cup more accessible to the average American,” said a recent profile of the self-made computer wiz who now “wants to remake the high-end yachting world in his own image.”

But already some supporters of San Diego, Bermuda’s rival to host the 2017 event, are describing Mr. Ellison’s preference for the Island as “a case of dollars over dignity.”

“Want to know the new colour of money?” thundered one editorial writer in that California city on Friday “Yeah... that would be ocean blue. Not only is San Diego the better place to host the next America’s Cup -- the world’s premier sailing event -- it might just be the perfect place.

“From facilities, to accommodations, to history, to racing conditions -- we trumped Bermuda in nearly every capacity as a potential venue host.

“But there was one thing the Atlantic Ocean island could provide that San Diego couldn’t — a tax-free experience for all the Cup’s participants. What we learned? That even the richest people in the world can sell out.”

Bermuda can expect much more of the same from civic, corporate and media boosters of San Diego’s bid between now and December 2.

As a three-time host of the event, San Diego’s backers well understand what most Bermuda residents are just beginning to appreciate.

As both a world-class attraction and an image-making vehicle for Bermuda, the America’s Cup would present the Island with an unparalleled opportunity to reinvent itself as a thoroughly modern 21st century resort destination.

If Bermuda is to ever successfully revive tourism as a viable adjunct to its international business economic mainstay, the Island must finally dispel the air of creeping decrepitude and faded gentility which has been clinging to us for decades now.

What better way to show a global audience we are Not Your Father’s Holiday Spot than to host sailing’s answer to Formula One racing, a sport which now draws a TV audience numbering in the tens of millions?

Additionally, the America’s Cup would play a not insignificant role in everything from community-building to infrastructure investment in Bermuda, from cultural development to fostering a sense of renewed national purpose after six years of precipitous economic decline.

The America’s Cup is such a lucrative prize for its host that the final days of the contest between Bermuda and San Diego for bragging rights io the world’s most storied yacht race is likely to be every bit as much of a white-knuckle experience as the actual races between the competing wing-sailed catamarans.

Batten down the hatches, Bermuda. It’s going to be a bumpy ride.