NEW YORK (AP) – Beijing has the 2008 summer Olympics, but New York has the dragon boat festival.

The event, steeped in Chinese traditions and flavors, was held Sunday for the 18th consecutive year, with about 90 teams competing, mostly for glory.

As in recent years, the two-day regatta at Queens’ Flushing Meadow Lake, site of the 1939 World’s Fair, drew thousands of people to munch on dumplings, fly kites, listen to bands and watch the boats, which are outfitted to look like dragons and are about 40 feet long.

Each boat has a drummer at the prow and a person steering at the stern. The drummer beats a rhythm for rowers in the same way a coxswain drives a racing shell, over heats of 250 or 500 meters against other boats.

The boats, crewed by 12-member teams, boasted names such as Wall Street Dragons, Boston Fusion or simply Goldman Sachs. The top prize, for the final round’s fastest boat, Montreal Mix, was $1,500 and a trophy.

While Sunday’s closing crowd was largely Asian, the festival “reflects the diversity of Queens,” said Dr. Wallace Wang, who was serving his ninth year as a volunteer staff member, handling team registration.

Henry Wan, a Queens real estate developer and chairman for all of the festival’s 18 years, said it began as a one-time event, sponsored by the Hong Kong Economic and Trade Office, but proved a surprise success.