The Newport to Bermuda race gave the Island’s local economy an estimated $10 million shot in the arm this year.Restaurants, hotels and retail shops all reported a surge in business over the last week as 160 boats crossed the finish line and spent last week celebrating in Bermuda.According to the Department of Tourism, the race, which finishes in Bermuda every other year, is the Island’s largest sporting event in terms of numbers of visitors and their estimated spend.Even though this year saw a decrease in the overall number of participating yachts over 2010, the favourable winds during the race meant the majority of boats arrived early and stayed in port longer than normal — spending more money in marina fees, hotel rooms, on taxis, at restaurants and shopping.Approximately 1,700 competitors participated bringing another estimated 1,500 friends and family to Bermuda for the week, on top of the delivery crew — those sailors returning the boats to Newport.“A truly historic race because nine-tenths of the fleet were here by Tuesday,” said Jonathan Brewin, Commodore of the Royal Bermuda Yacht Club, adding they closed down the finish line by noon on Wednesday, usually their busiest day. “Our general feeling is that the race is very positive for Bermuda.”In 2009, the RBYC commissioned an economic impact study that found the race generated an estimated $10.5 million in revenue and every sailor meets an average of 1.5 additional people when they arrive. Many of the yachts participating in the race are owned by millionaires and wealthy businessmen.Both the RBYC and the Department of Tourism believe that though they are still collecting specific revenue information for this year’s event, the 2009 study’s findings still hold up.“I don’t see any reason for that [revenue estimate] to have changed,” said Mr Brewin.Hotels benefited from the extra and unexpected night’s stay with several guest cottage colonies booked a year in advance.“This event has always brought significant business to the Island every two years and we have always been in the high 90s to sold out from the Wednesday through Sunday period,” said one hotelier.According to Philip Barnett, co-chair of the restaurant division of the Chamber of Commerce, the race had a powerful and “positive spin-off effect” on local establishments.”Robust sales have been reported throughout our member restaurants,” he said. “The clientele that participate in the race and their family and friends should have a big huge bullseye plastered on them as the perfect Bermuda tourist. They love Bermuda, feel comfortable in Bermuda, understand Bermuda and most importantly can afford Bermuda.”Ralph Richardson, ex-commodore of the RBYC and participant in this year’s race added that since yachtsmen pack very lightly for their trip, they tend to spend money locally buying clothing for the week-long event’s many receptions and parties.Checking in with Hamilton shops, business was boosted from the influx of visitors last week.“Stores noted an uptick in sales activity for the week,” said Paula Clarke, chair of the Chamber’s retail division. “Most of the action was on Tuesday and Wednesday. The demographic profile of the customer is exactly what Bermuda needs to rebalance the visitor traffic. This customer has more disposable income than cruise ship passengers and definitely spends more in stores.”Gosling’s, which sponsors two of the six official events during the week, one party in Newport and one in Bermuda, said these resulted in an increase in sales for rum in all of their stores and the airport departure lounge.All participants had high praise for the Department of Tourism, the group that has been the primary sponsor for the race for several years and provides promotion and support help. Both the BDOT and the RBYC ramped up their social media marketing this year — with the latter trying to have participants reporting real-time during the race.“We’ve done so much more this year in terms of Twitter, Facebook and our website to get the message out,” Mr Brewin said. “I think we’ll see continued emphasis on internet marketing. The race puts Bermuda in the best possible light and we need more of it.”