Superyachts visiting Bermuda will bring in millions to the island, according to Kevin Dallas.

More than 70 superyachts are expected to visit the island during the America’s Cup, with Mark Soares of Bermuda Yacht Services saying that he understood most would stay throughout the six weeks of the event.

According to the Bermuda Tourism Authority, an 80m to 90m superyacht spends approximately $50,000 a week, while that figure jumps to $127,000 a week if the owner is on board.

Smaller superyachts bring less revenue, with 70m to 80m yachts spending between $35,000 and $119,000 depending on if the owner is on board.

Meanwhile, the smallest superyachts, measuring between 30m and 40m, bring in a total of $7,000 to $18,000 a week of economic activity.

Based on those estimates, the ten superyachts docked yesterday afternoon at the America’s Cup Village — ranging from the 87m Maltese Falcon to the 39m Safira — would bring a combined total of $184,000 of economic activity per week without their owners and $647,000 per week if their owners are on board.

Mr Dallas, the CEO of the Bermuda Tourism Authority, said yesterday: “If you extrapolate the data in the chart using the 80 super yachts expected in Bermuda, it’s easy to see the huge financial impact the superyacht audience will have on our economy during the 35th America’s Cup.

“Many of the visiting superyachts are staying in Bermuda three, four, five weeks — some even longer than that. The Government temporarily relaxed the regulatory environment to allow these vessels to charter while they are here and that has been a huge incentive for them to stay longer and spend more.”

Mr Dallas said the number of superyachts on the island continued to grow, noting the ships moored along Front Street, at the Hamilton Princess and at the America’s Cup Village itself.

Asked about the economic impact of the ship’s owners not actually being on board, he said that factor did make a big difference in the level of spending.

“Most of the boats here will be owner occupied for some of the time they’re here — but it’s impossible to say how often or for how long,” he said. “But even an ownerless boat is good deal for Bermuda.”

He said comparisons with previous America’s Cup superyacht programmes were “irrelevant”, explaining: “One of the reasons Bermuda’s bid was successful was the potential to lure superyachts here. Unlike, say San Francisco, which is a massive detour for a boat that would otherwise be on its way from the Caribbean to the Mediterranean right about now.

“It’s clear evidence that, with the right event, Bermuda can attract superyachts at this time of year. For now, let’s enjoy having them here. Next up we need to figure out how to get them back again.”

Mr Dallas also made reference to amend legislation regarding superyachts, particularly rules allowing visiting yachts to charter during the America’s Cup event.

“It’s been slightly abused,” he said. “The goal was to allow term charter, not create competition for the local charter community, but done right and permanently it’s a key plank of making Bermuda a permanent stop on the superyacht calendar.”

Asked for further clarification on what needs to be done to attract superyachts to the island in the future, he said: “Post-America’s Cup what Bermuda needs is the right legal framework that incentivises superyacht owners to come back year and year, while protecting Bermudian entrepreneurs who are already operating in this space.

“That’s the end solution we are working towards.”