economy -- and should be expanded.

That is the view of Royal Bermuda Yacht Club commodore, John Thompson.

Thompson said the International Race Week, for example, pulled in millions of dollars.

It also promoted the Island as a vacation resort, he told Hamilton Rotary Club this week.

In addition to `word of mouth advertising' among sailors, Thompson said the international media coverage Bermuda receives as a result of these events provides immeasurable exposure.

A survey taken during this year's Newport to Bermuda Race revealed that the main reason 87 percent of the yachtsmen entered the race was because it ended in Bermuda.

The 1992 race's actual financial benefits to the Island were estimated to be between $1.5 million and $2 million according to Thompson.

"And that does not account for the spin-off revenue spent in restaurants, stores and the like,''he said.

The Omega Gold Cup, a match-racing event, which will begin on October 18, is also expected bring in a good amount of revenue.

Twenty-four entries, representing 14 countries, are expected for the five-day event.

"The Omega Gold Cup has become known as a premier sailing event,'' said Thompson, adding that because of the Bermuda race's success, the Omega Watch Company is now sponsoring nine other sailing events around the world.

This year, a boat designer in Newport told Thompson that he believed Bermuda to be "one of the best-kept secrets'' in the yachting world.

Because Bermuda's sailing season is literally year-round, Thompson suggested a scheme to charter a fleet of vessels out to US sailors in the winter months to stretch the Island's sailing-associated income.

"We need to do everything we can to enhance tourism,'' he said. "And we must look farther afield to do it.''