I was having this discussion last night. I don't know why any city would host it when they cost so much and make so little. The only people that make money are the IOC, the athletes, and the sponsors. Why in the world do cities still go crazy for it? I enjoy watchingthe Olympics, but I would never want my city to host it. I know sports are a sacred cow and as long as sponsors make money the Olympics will continue, but I can't understand why so many people are complacent with this scam.
IMO, they should only be held in places where the infrastructure is at least mostly in place...like pretty much anywhere in the US. They shouldn't have to build a ton of venues that will likely never be used again (see Bejing: Then and Now).
They are estimating 11,000,000 tourists in London during these games. They economic impact on the city will be large. That is why a city wants the games.
Definitely worth it. This is more than about profit. You are demonstrating your country's ability to support the biggest event world wide that occurs only once every four years. It's a show of strength and competence.
While I wish this were true, it's not. If anything London's usually touristy places are emptier than usual. London mayor office has and warnings about delays and stuff and they worked too well, many Londoners have left London to avoid the Olympic rush, and hotels have jacked up their prices in anticipation of the tourists, London isnt actually attracting as many tourists as people originally thought.
Well I got the 11,000,000 number from a television report before the opening ceremony. We will see what the eventual actual numbers are. The fact of the matter is that, with all the worldwide media attending, even if there are no other tourists, it is a boon to the local economy.
http://www.ft.com/cms/s/0/8032892a-dd3d-11e1-aa7b-00144feab49a.html#axzz22aDw70uz I want London's economy to get back up (I live there for half of the year) but some of my friends who are volunteers there tell me places like kensington are empty And I think a lot of hotels are now slashing their prices just to try and fill empty rooms. I know this might not be the case for most Olympics (I think Beijing did well from it) but London went slightly overboard in warning people to stay away lol.
China had tourist receipts of about 40-some billion dollars in 2008. But that growth was pretty much its current trajectory anyway. I doubt they made the money back on tourism but it is a boom to the local economy. Still, spending 40 billion in Beijing would be a boom to the economy any way you slice it. I think the games do more for national pride than anything else. And in a city with existing infrastructure it makes more sense. For China it is about civic pride and making a point to the world. But for London it may have more of an economic impact.
I did a huge research paper about this back in college. Summary: especially in the case of the Olympics and the World Cup, hosting the events have a very long-term (almost permanent) positive impact on GDP, in addition to the temporary tourism, relationship building and improvement to sports facilities.
even if the finances just only breakeven at the end, there is also the value of having provided tens of thousands of jobs in the whole exercise. and for a city like london, which was already the world capital prior to NYC, the publicity is probably not a very big deal. but for cities like barcelona/sydney, for example, the olympics were a huge showcase and boost for future tourism & business
A city will always come out behind. But local citizens and businesses will profit and governments should not be profiting ...but they should allow their citizens to prosper. sorta like public transportation or building of roads never is a profit center ...but instead lets citizens prosper.
It depends on the city/country and its needs. South Africa likely will benefit from the World Cup by helping put them on the map as a modernizing country. South Korea benefited tremendously putting them on the world stage from their Olympics. Barcelona as a city was a total dump and not at all a place to visit prior to their Olympics. On the flipside, it's doubtful that the Olympics paid off for Atlanta, SLC, Greece, Nagano, etc. As Mathloom said, the benefits are more long-term in terms of the reputation and recognition of the area/country on the world scale, and also what all besides the Olympics that can be created as a marketing point. Places that don't need that don't benefit nearly as much.
It depends on who you are. The real value that can be had is the cachet of being a World City -- a place everyone should take seriously as a mover-and-shaker. I don't think it would be worth it for a place like London, whose reputation was already high. But, for China who wants to show they've risen up from colonial victim and communist poverty to be a world power, it helps a bit. I don't think it would help Houston. We'd do a great job of it and all, but the things people will evaluate the city on (which are touristy things, mostly) we aren't particularly strong on. I'd rather we just made our name on being the big fish in energy and an engine for the US economy. I'm cool with being the Chuck Hayes of the cities of the world -- uncelebrated and undersized, but consistently outplaying the guys who are supposed to be better.
****, it be definitely worth it if held here in Houston.. Heck, it be like any other festival but for sports and going to a different event of your choice/sit back chill/ eat corn-dogs all day is going to be a great freaking time... Houston will benefit from it greatly!!!
I didn't check to see if this was posted yet but I found it interesting. Makes you wonder if it really is worth it for a city to host the games. Then and Now: Beijing's 2008 Olympic venues China spent billions on infrastructure for the Beijing Olympics and it is still putting some of it to good use, like using the $500 million "Bird's Nest" for big events. But other venues that contributed to more than $40 billion in Olympic spending in 2008 have been deserted or demolished. -- By Erick Galindo http://news.yahoo.com/photos/olympi...deshow/bird-s-nest-2008-photo-1340387759.html
I know society these days is all about money and capitalism.... .... but if you want to hold an Olympic Games just for the money.... YOU ARE DOING IT WRONG!
