When city officials and Larry Ellison were originally touting the amazing and marvelous economic impacts that would come to S.F. from hosting the America's Cup, it seems that they, and their consultants, were a bit overly optimistic. A new study by the same firm that did the original economic impact projection three years ago has concluded that the upcoming America's Cup races will bring $780 million into the local economy, down from the earlier projected $1.4 billion.

The events happen this year, between July and October, and construction for the various race-related arenas has already begun. Only four international teams will be competing in the yacht race, down from a projected dozen in the original report.

And now the 9,000-seat America's Cup Pavilion, which is coming to Piers 27-29, is set to open next May, and will host a huge Sting concert on June 2, 2013, as well as other "world class" music acts throughout the summer. The pavilion will be a temporary structure, and will be dismantled following the final races in October to make way for a new cruise ship terminal.

Former supervisor Aaron Peskin and current supervisor John Avalos have both been vocal in their criticism of the race, and this huge drop in projected impacts is sure to come up in an upcoming hearing organized by Avalos. At issue, also, are any expenses for which the city might have to foot the bill.

[SF Business Times]

All previous America's Cup coverage on SFist.