Now that the Bermuda leg of the Louis Vuitton America’s Cup World Series race weekend is in the books, I can safely say that many Bermudians, some of whom may have initially questioned why this event would be good for Bermuda, now get it.

I saw thousands of locals and tourists of all persuasions enjoying the fast and furious AC45s racing in the Great Sound, whether they were among the thousands spectating on the water or mingling with the throngs of fans lining Front Street from end to end.

My weekend started early on the Thursday morning, on my way in to work, when I saw a crowd of people standing on East Broadway staring through the fence of Stevedoring Services, watching the Artemis Racing and Land Rover BAR AC45s being hoisted by crane into Hamilton Harbour.

Standing next to me were a couple from Canada who were visiting specifically to experience the America’s Cup racing. They were very excited to be witnessing the lead-up to the weekend and their excitement was contagious. I am sure their story was replicated a thousand times over, judging by the number of visitors who graced our shores.

The next day I was able to get out on the water to watch the America’s Cup teams practise. Although the winds were light, there was still a festive atmosphere on land and sea. As local vendors set up shop and musicians did their sound check on the huge stage erected, it was apparent that Bermuda was in for a sporting event on a scale we had not seen before.

Over the weekend, one America’s Cup myth that was dispelled was the idea that it was an event staged only for well-heeled white people. It was obvious, whether you were on the water, on Front Street or at vantage points all over the West End of the Island, that the people who were enjoying the event pretty much mirrored Bermuda’s demographic make-up.

And why wouldn’t that be true? I don’t play golf but I like watching the Masters. I don’t own a punching bag but I like boxing. It’s the spectacle of the thing that is attractive, and the notion that you’re watching the world’s very best at that sport do their thing.

There is a narrative being pushed by some who oppose the Government’s investment in the America’s Cup that cities abroad that have hosted it in the past have lost money on the event.

But just because one or two sponsoring cities lost money does not necessarily mean their event was not a success. The idea of hosting something such as the America’s Cup is that the host spends money with the expectation that more than it spends comes back to the wider community in the form of profit over time.

The Potential Economic Impact Report, written as Bermuda was mulling whether to bid on the America’s Cup, estimated the Bermuda community would gain $250 million overall from the event. That’s more than a 100 per cent return on our investment.

The smiles I saw on the faces of those entrepreneurs who had stalls on Front Street that weekend were not there because they are billionaires having a good time; they were smiling because many of them were making money — the Government’s investment in hosting the America’s Cup was giving them a very welcome dividend. Same for the taxi drivers. Same for the construction people who helped to build the AC Village. Same for the cruise boat operators. Same for the landlords who were able to rent their properties out to participants. Same for — you get the picture.

There’s no bar to making money from the America’s Cup.

You don’t have to own a boat, or vote One Bermuda Alliance, or wear pink shorts — you just have to have the motivation to get up, get out and do what it takes to make some money. Think of something you can sell, or provide a service that other people want, and get in where you fit in. I know two vendors, both black females, who started up businesses and who were doing a brisk trade that weekend on Front Street. One of these women negotiated with the America’s Cup Event Authority and obtained a licensing agreement to brand her product with the America’s Cup logo.

Television coverage of the sailing on the Sunday had a big audience worldwide. There’s no guarantee that all the people who watched are going to find Bermuda attractive enough to pay us a visit, but some of them will, and more visitors make for a healthier economy.

This America’s Cup event is not, on its own, going to put Bermuda on the path to riches for ever and ever, but in terms of Bermuda’s recovery from the economic mauling it has taken over the past few years, this is going to be the point at which we turn a corner on the road back to the prosperity we used to enjoy back in our heyday.

That’s my hope, anyway. Another of my hopes is that after our fantastic sailing weekend, all those who are still complaining about the taxpayer dollars that the Government is investing, should keep their minds open, and their eyes on the dollars coming in. In the end, the America’s Cup is going to make us all smile. I guarantee it.

Sylvan Richards is the Junior Minister of Home Affairs and the MP for Hamilton South (Constituency 7)