Just over half the population approves of Government’s financial support for the America’s Cup, according to a new poll — but more than a quarter disapproves.

The survey indicates that 52 per cent of people agree with Government committing more than $70 million towards the 2017 sailing spectacle, which leaders promise will reap great rewards for the Island’s economy.

But 27 per cent of residents disapprove and a further 21 per cent remain on the fence, according to the Global Research poll commissioned by The Royal Gazette this month.

Results show 31 per cent of residents “strongly approve” of Government’s financial support of the event, saying it will provide jobs and stimulate the economy.

However, 18 per cent “strongly disapprove”, with many claiming it will only line the pockets of the rich while doing little for the average person. Government’s financial commitment to the America’s Cup amounts to about $77 million. This includes $15 million in cash sponsorship under the Host Venue Agreement, as well as a $25 million sponsorship guarantee to the ACEA, the AC Village delivery expenses in Dockyard ($10.4 million), event operating expenses ($12.29 million), and AC Village capital improvements ($14.34 million).

A Potential Economic Impact Assessment of the America’s Cup estimates that $242 million will be generated in direct spend for Bermuda’s economy as a result of the event.

The largest economic benefit for Bermuda would be via spending by the ACEA and race teams: an estimated $94 million.

Some $60 million would be generated by predicted tourism benefits as a result of the exposure the Island would receive before, during and after the event.

Both political parties have previously hailed the potential benefits of the America’s Cup.

Economic Development Minister Grant Gibbons said the America’s Cup provides all Bermudians with “an unparalleled opportunity to shine”, while Opposition leader Marc Bean has said the event will provide a golden chance to showcase Bermuda’s beauty and hospitality that should translate into increased visitor arrivals, accompanied by job and entrepreneurial opportunities for Bermudians.

A breakdown of poll results indicates significant disparity in opinion depending on race and age.

According to the poll 76 per cent of whites approve of the Government stance compared with 39 per cent of blacks, while 71 per cent of over-65s said they approve of the financial investment compared to 39 per cent of 18- to 34-yr-olds.

Each of the 403 residents who took part in the poll was asked to give a reason for their opinion.

One person in favour of Government’s financial support said: “I strongly approve of Government’s financial support of the America’s Cup 2017 because it’s going to bring attention and a lot of people will notice Bermuda, which is good for tourism.

“It will bring money to Bermuda and open up some jobs for Bermudians getting the infrastructure ready for the race that will be there long after the race is over.”

One person against it said: “Money could be used as people are struggling. As an unemployed senior with health issues, financial assistance has been reduced and this is stressful. Medicine is expensive.

“This America’s Cup thing is like gambling. I can’t say that it will pay. We’re all struggling and all the money is going on those boats. Fix the ferries. Now that’s a boat I can get on.”

For a full copy of all 403 comments from the voters, click on the link under Related Media, entitled: “Reasons for approval or disapproval.”

The telephone poll took place between July 1 and 10 and has a margin of error of plus or minus 5 per cent.