The Superyacht Cup will bring substantial benefit to Palma.

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The most recent Palma Boat Show demonstrated the value of the nautical industry for the Balearic economy, and the Superyacht Cup Palma, now on and running until 25 June, will reinforce this. Its organisers calculate that it will generate some 4.4 million euros for the city, an increase of 10% over last year.

The competition, celebrating its twentieth anniversary, has some of the world's grandest yachts. There will be 22 superyachts of between 24 and 60 metre length taking part, these yachts coming from countries such as the UK and USA and having total crew numbers of around 600.

The economic benefit from the competition will also come from companions, the Chamber of Commerce pointing out that each yacht has some 25 people, of whom six are crew. These additional visitors will contribute, it is estimated, 380 euros of spend per person per day on top of the around 200 euros by crew members. The length of stay is also significant: some ten days in all, including three days before the event and three after it finishes.

Bars, restaurants, hotels and shops will all benefit, as will repair and maintenance facilities. The town hall, meanwhile, appreciates the benefits as well. Tourism councillor Joana Maria Adrover says that the administration believes in the nautical sector and wants to boost it because of its provision of foreign tourism. "It is a strategic sector for the city because of its high growth potential and its capacity to generate wealth and employment."