Government’s argument that the America’s Cup will be a boon to the Island’s economy has so far failed to convince about half the population. That is a conclusion that can reasonably be drawn from the results of the Global Research poll commissioned by this newspaper, which showed 52 per cent approved of Government’s financial backing of this premier sailing event, while 27 per cent disapproved and the remainder were unsure.

The numbers will be of concern to the Premier and his team. Firstly, because they may have considered winning the host selection for the 2017 America’s Cup as a popular achievement and a sure-fire vote-winner, and the numbers suggest public support for the event is less than overwhelming. Secondly, the survey points to dissatisfaction with public-spending choices, a potentially politically damaging factor, especially for an administration burdened with making tough budgetary decisions as it rightly works to stop the public debt from spiralling out of control.

Of course, it will be difficult for the Opposition to score political points from this, given the support Progressive Labour Party members have voiced for the America’s Cup and the opportunities it can bring to Bermudians. And in practical terms, support for the America’s Cup event is inextricably tied to Government’s financial support of it, given the blunt truth that without one, we would not have the other.

So what’s changed since last December, when Bermuda’s selection as the venue for the 35th America’s Cup was greeted with widespread euphoria? Thousands lined the roads to get a glimpse of the “Auld Mug” as an open-topped car paraded the magnificent, gleaming trophy across Bermuda, and many more celebrated at a triumphant party on Front Street. Even among those who don’t give two hoots about sailing, there was genuine hope that this represented a light at the end of a long, dark tunnel of recession. One would imagine that the same survey question asked at that time would have indicated much stronger support for Government’s financial backing than we saw this week.

Over the seven months since the venue announcement, it would be easy to say Government has failed to get its message across on the economic benefits of hosting the Cup. There may be some truth to that. It is true that tangible benefits are already being felt, particularly in the West End, where teams have set up bases and businesses are benefiting from the extra custom generated by this influx of people. Homes and apartments have been rented, and a wide range of goods and services are being purchased, from vehicles and clothes, to insurance, accounting and boat maintenance services.

While Government has made a broad-brush $250 million estimate of the economic benefits the America’s Cup will bring, the periodic publication of more detailed information about the money that has already been spent and the sectors benefiting could help to convince people that the promised economic stimulus is actually unfolding.

However, the survey suggests that too few lives have so far been touched to convince a large majority of residents that they will benefit from the Cup’s presence. There is still a perception among a part of the community, as expressed in various ways by some of the survey respondents, that the America’s Cup is for rich folks and only the elite will benefit from it. Quantifying the positive impact on the broader community would help to disprove that.

There are other reasons why there is a gap between the great expectations of last December and the reality of today. Around that time, announcements of new tourism-related developments were raising economic optimism. It was hoped that by now, construction work would be under way at Morgan’s Point and at the site of the old Club Med in St George’s. Although these are not directly linked to the America’s Cup, the massive influx of wealthy visitors hoped for in 2017 was seen as the catalyst for developers to push on.

Add on the new airport terminal plans and the vision was for thousands of construction jobs that could reinvigorate the economy, followed up by hundreds more jobs in the new hotels. That vision may still materialise, but Bermudians, wearied by numerous false dawns, will understandably be reluctant to believe that any hotel project will become reality until they at least see shovels in the ground.

If seeing is believing, perhaps perceptions will change in October this year, when Bermuda will host a Louis Vuitton America’s Cup World Series event, one of the races leading up to the finals in 2017. If all goes well, it will provide a taste of the greater things to come. The economic benefits and opportunities surrounding the event will become more visible.

From then, the preparations for our moment in the global spotlight will gather pace and hopefully, excitement will build up, along with visitor numbers. A successful America’s Cup is of critical importance to the Island’s economic future. It is a chance to showcase Bermuda’s stunning beauty, which will be revealed to millions of television viewers and prospective visitors. Aside from tourism, international business practitioners may see the attractions of locating in a place that is sufficiently organised to host one of the world’s great sporting events.

After that, it will be all about the legacy. A better time to judge whether Government’s financial backing of the America’s Cup was justified will be 2018 and beyond.