estimates that the dynamic week is equivalent in its expenditure impact to the visit to Bermuda of twelve cruise ships, each with 1,000 people on board.

The study was carried out by graduate students from the University of Rhode Island in Newport, Rhode Island in 1992. The race is held biennially and the two host clubs, The Royal Bermuda Yacht Club and The Cruising Club of America are preparing for this year's event, which starts June 17.

RBYC commodore, Brian Billings, said: "For the first time there are clear indications of the direct monetary gains obtained by Bermuda, as a result of the race, which was first held in 1906.

"The decision to start the race inside Newport Harbour this year for the first time was made as a direct attempt to better promote the event.'' Gross economic activity directly associated with the last race was $6.5 million, including monetary and non-monetary contributions.

Net direct sales for the 1992 race were put at $1.1 million in Rhode Island and $2.1 million in Bermuda. According to the executive summary for the report, the measures were computed as expenditures by all non-residents plus expenditures by residents who would have traveled out of the Island for the event, less expenditures off the Island to produce the race.

Local value added by the event was $1.5 million here and $800,000 in Rhode Island. That involves adjusted sales impact for purchases of imported goods and services by those supplying services for the race.

The total sales impact of the race was put at $3.6 million in Bermuda and $1.5 million in Rhode Island.

A survey of 73 skippers from the 1992 fleet of 120 yachts indicated that expenditures on the yachts for the ten day event averaged in excess of $31,000. Expenditures during the average six day stay in Bermuda was approximately $13,000 per yacht on lodging, meals, transportation and shopping on the Island.

Mr. Brian Billings.