Auckland's economy is expected to get a healthy boost with a number of key events taking place this weekend.

The Volvo Stopover Village has been officially opened, amidst a chorus of Maori singing and official speeches, ahead of the racing yachts' arrival tomorrow night.

The Lantern festival is also welcoming in the Chinese New Year in Auckland this weekend, with the Cricket World Cup match between Australia and New Zealand taking place tomorrow afternoon.

Speaking at the Volvo stopover village this morning, Mayor Len Brown says they're expecting a huge influx of visitors in the coming weeks.

He's expecting some 400,000 people to flock through the village before the yachts embark on the fifth leg of the race to Brazil in mid-March.