What of Economic Development After The Olympic Games?
It is amazing the process and the competition to host the Olympic
Games. It's a big deal, and a big matter of pride and nationalism for
the countries competing, and especially for the country or nation which
wins the bid to host the Olympic Games. There is of course more prestige
in hosting the Summer Olympic Games, than the winter Olympic Games for
winter sports. But make no mistake either way it's a big deal. Okay so
let's talk about this for second shall we, specifically let's talk about
the economics of hosting the Olympics.
To win the bid to host the great games requires a commitment to hundreds of millions if not billions of dollars in preparation, new facilities, and guarantees from the hosting nation. The Olympic Committee will not choose a nation that they feel cannot perform, or will not pony up the cash, or doesn't have the political will to make it happen. That makes sense, and there are issues with security and all sorts of other things to worry about. It is an enormous undertaking for any nation, of any size, including the United States of America.
"London's Olympic Bet on Urban Renewal" was the title of a brilliant and reality based article by Cassell Bryan-Low published in the Wall Street Journal on July 21, 2012. The article had examples of Athens, Beijing, Barcelona, Sydney, and Atlanta Olympic Games, and how those areas faired afterwards, after all the fans had gone away, and the nuance of branded tourism faded. Today, in Athens, there is grass coming up through the sidewalks. "Athens, Beijing, and Sydney, all wound up with amazing sporting facilities and venues that got little or no use," after the games.
Now then, when a hosting nation wants to spend that level of money to put in those facilities and host the games they must sell it (the idea) to their population base as a worthy expenditure as it is the citizens who will foot the tax bill, because the Olympics generally does not make as much money as is spent. Therefore, regardless of the economic studies done to show that it will be a winning move for the future of an area or city, the reality is much different. When all the gold medals have been awarded, and everyone leaves, and as things return to normal, that's when the reality sets back in.
Perhaps more difficult than even hosting the games themselves is making sure that all the money spent does not go to waste in future periods, that is to say that this investment spurs on economic development in the area far off in the future; easier said than done. Indeed I hope you will please consider all this and think on it.
To win the bid to host the great games requires a commitment to hundreds of millions if not billions of dollars in preparation, new facilities, and guarantees from the hosting nation. The Olympic Committee will not choose a nation that they feel cannot perform, or will not pony up the cash, or doesn't have the political will to make it happen. That makes sense, and there are issues with security and all sorts of other things to worry about. It is an enormous undertaking for any nation, of any size, including the United States of America.
"London's Olympic Bet on Urban Renewal" was the title of a brilliant and reality based article by Cassell Bryan-Low published in the Wall Street Journal on July 21, 2012. The article had examples of Athens, Beijing, Barcelona, Sydney, and Atlanta Olympic Games, and how those areas faired afterwards, after all the fans had gone away, and the nuance of branded tourism faded. Today, in Athens, there is grass coming up through the sidewalks. "Athens, Beijing, and Sydney, all wound up with amazing sporting facilities and venues that got little or no use," after the games.
Now then, when a hosting nation wants to spend that level of money to put in those facilities and host the games they must sell it (the idea) to their population base as a worthy expenditure as it is the citizens who will foot the tax bill, because the Olympics generally does not make as much money as is spent. Therefore, regardless of the economic studies done to show that it will be a winning move for the future of an area or city, the reality is much different. When all the gold medals have been awarded, and everyone leaves, and as things return to normal, that's when the reality sets back in.
Perhaps more difficult than even hosting the games themselves is making sure that all the money spent does not go to waste in future periods, that is to say that this investment spurs on economic development in the area far off in the future; easier said than done. Indeed I hope you will please consider all this and think on it.
Lance Winslow has launched a new provocative series of eBooks on Important Economic Topics. Lance Winslow is a retired Founder of a Nationwide Franchise Chain, and now runs the Online Think Tank; http://www.worldthinktank.net
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