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Securing a Superyacht Tourism Future for Bermuda

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It's a priority of the Bermuda Tourism Authority to secure superyacht tourism as a legacy benefit of the America's Cup. If you missed our public information sessions, watch our CEO Kevin Dallas deliver a Bermuda report from the The Superyacht Intelligence Agency, along with our team's recommendations for winning this audience going forward. Kevin's slides are also available here.

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Securing a Superyacht Tourism Future for Bermuda

  1. 1. Superyachts: Securing a Legacy Benefit of the 35th America’s Cup
  2. 2. Definition of a Superyacht • A superyacht is defined as any leisure vessel of 30 meters (98ft) and above • Superyachts typically measured in meters, 1 meter = 3.2 feet • Worldwide fleet of 5,062 superyachts, increase of 60% since 2007 • Sailing yachts make up 20% of total, motor yachts 80%
  3. 3. Global Superyacht Fleet Length Global Fleet 30 meters – 40 meters 64% 3,240 40 meters – 50 meters 22% 1,114 50 meters – 90 meters 13% 658 90 meters + 1.3% 51 Total over 30m 100% 5,062
  4. 4. The 35th America’s Cup • 51 superyachts in the America’s Cup Superyacht Programme – Front Street – Hamilton Princess – Dockyard • Additional superyachts berthed or anchored elsewhere • ACEA: 90-100 total superyachts expected (May 26 to Jun 30)
  5. 5. The 35th America’s Cup 5 • 20 superyachts racing in Superyacht Regatta; sharp increase over 2013 • 8 of world’s 10 J Class boats in Bermuda; America’s Cup class racers from 30’s & 40’s  7 racing in J Class Regatta  7 in weekend exhibition race; 8th on display  Largest assembly of J Class boats ever
  6. 6. Relaxed Legislation in Place • Current legislation permits visiting superyachts to charter in Bermuda for three months before, during, after 35th America’s Cup • Relaxed legislation is an incentive for superyachts to stay in Bermuda longer, increasing their positive economic impact • Relaxed legislation will expire soon, dissolved Parliament means its extension is not immediately possible • BTA position: make (revised) legislation permanent while protecting current Bermuda charter boat owners
  7. 7. Bermuda Charter Superyacht Visitation • 50 superyachts obtained Bermuda charter licenses for America’s Cup • America’s Cup charter yacht average length of stay: 40 days • Charter yachts include the 281ft “Seven Seas”, in 2011 it was the world’s most expensive charter yacht at $1.3m per week
  8. 8. Cruising Patterns • The Mediterranean is the most popular cruise destination • The Caribbean is second most popular destination • Summer = Mediterranean Winter = Caribbean 8
  9. 9. Superyacht Customer Desires 9
  10. 10. Findings • 89% of respondents who visited Bermuda would recommend it to others • Respondents liked Bermuda’s beaches, sailing, diving, natural sights, and water sports • Bermuda is relatively isolated, for this reason the island is currently mainly a crew destination for off time during transatlantic stops for provisioning • Bermuda’s regulations limiting the length of stay of yachts under a foreign flag has been cited as a limiting factor • Bermuda provides one load of duty free fuel per vessel; seen as good incentive • Sailing races provide good incentive to visit the island 10
  11. 11. Oyster Regatta Bermuda 2018 • An America’s Cup legacy event • Two dozen Oyster Yachts expected • Affluent yacht owners will spend up to a week on-island • First time an Oyster Regatta will come to Bermuda May 7th to May 12th 2018
  12. 12. Moth World Championships 2018 • Bermuda encouraged to bid after positive delivery of inaugural 2015 International Moth Regatta • Beat Argentina and Australia in World Championships bidding process • Event to take place in May 2018 • About 150 sailors anticipated to participate • Another “first” for Bermuda, also benefited from “America’s Cup effect”
  13. 13. Atlantic Anniversary Regatta June 2018 • Yachts and superyachts in a cross-Atlantic race • Anniversary event between two storied yacht clubs • NVR Yacht Club in Hamburg & Yacht Club Costa Smeralda in Italy • America’s Cup Legacy Event
  14. 14. Infrastructure: Superyacht Marina Facilities
  15. 15. Long Standing Inventory • Pier 41 Marina • Waterfront Marina • Royal Bermuda Yacht Club • Royal Hamilton Amateur Dinghy Club • St. George Dinghy & Sports Club • St. George Marina & Town Docks • Captain Smokes Marina Total capacity <24 for superyachts between 30 and 46 meters, a tiny fraction of the global superyacht fleet
  16. 16. New Inventory • Hamilton Princess Marina (since Aug 2014) – Full services with hotel attached – Capacity up to 12 superyachts – Maximum length 152 meters • Caroline Bay Marina (since Apr 2017) – Full services with hotel attachment under development – Capacity up to 30 superyachts – Maximum length 91 meters
  17. 17. Other Marina Infrastructure America’s Cup Village (purpose built for AC35) Front Street, Hamilton (pictured) St. George’s Marina (completion date TBD)
  18. 18. Superyacht Spending
  19. 19. Bermuda Superyacht Visitation • 68 superyachts over 30m visited Bermuda • 7.4 days on average 19 2016 2017 Forecast • ACEA: 90-100 superyacht visits May 26th – June 30th • Expecting longer lengths of stay due to relaxed charter legislation and event spectating
  20. 20. Bermuda Superyacht Spending • Estimated with guests/owners: $3,450,140.80 • Estimated without guests: $1,030,648.21 Current Customs data gathering does not record whether visitor is crew, guests or owners. 20 2016
  21. 21. Weekly Super Yacht Spend
  22. 22. Positive Impact on Entrepreneurs 22 Babysitting Services Personalised YogaChauffeured Transport Unique Retail
  23. 23. Research Recommendations
  24. 24. Research Recommendations • Make legislation allowing visiting superyachts to charter to guests permanent; must protect interests of Bermudians already in the yacht charter business – Result: Increases positive economic impact • Market Bermuda’s beaches, sailing, diving, cultural sites to superyacht audience; 89% of respondents love Bermuda and would recommend her – Result: Increased demand for destination • Develop refit and repair industry to encourage superyachts to stay longer – Result: New Bermudian-led industry emerges • Increase special superyacht events like America’s Cup and Oyster Yacht Regatta which draw superyacht visitors – Result: Attract more frequent superyacht visits to fill new marina inventory
  25. 25. Case Study: Auckland, New Zealand
  26. 26. Auckland – After the America’s Cup • After hosting 1995 America’s Cup, Auckland used the event as a catalyst to develop their waterfront as a superyacht destination over a 40-year period. Development continues until 2030 • Despite being relatively isolated and not on superyacht cruising patterns Auckland turned itself into a superyacht hub • Auckland changed key duty and tax legislation to make themselves more appealing to visiting superyachts • New Zealand has made its sailing culture into an industry with the help of youth sailing programs, career training opportunities, infrastructure development, etc.
  27. 27. Thank You
  28. 28. Superyacht Panel Andrew Dias WEDCO Kevin Dallas Bermuda Tourism Authority Mark Soares Bermuda Yacht Services Laura Esteve BWA Yachting Denise Riviere ACBDA

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