And I think mighty highly of Kathy Goodman. So I'm pleased Maria went home happy and Kathy had some good news to blog about. Resigned may be the best word.
Because most cities have ended up falling massively in debt after hosting the games, cities without the necessary infrastructure may be better off not submitting bids. Hosting the games is even more costly than the bidding process.
Once a city wins a bid for hosting the Olympics, cities commonly add roads, build or enhance airports, and construct rail lines to accommodate the large influx of people. Housing for the athletes in the Olympic village, as well as at least 40, available hotel rooms, and specific facilities for the events, must be created or updated, as well.
Benefits of Hosting the Olympics Cities hosting the Olympics gain temporary jobs due to infrastructure improvements that continue benefiting the cities into the future. For example, Rio constructed 15, new hotel rooms to accommodate tourists. Additionally, thousands of sponsors, media, athletes and spectators typically visit a host city for six months before and six months after the Olympicswhich brings in additional revenue.
Drawbacks of Hosting the Olympics The boost in job creation for cities hosting the Olympics is not always as beneficial as initially perceived. Also, most jobs went to workers who were already employed, which did not help the number of unemployed workers.
Also, income from the games often covers only a portion of expenses. As ofLos Angeles is the only host city that realized a profit from the games, mostly because the required infrastructure already existed. Additionally, it is difficult ascertaining exactly which benefits come from hosting the Olympics.
For example, Vancouver had planned many infrastructure projects before winning the bid for hosting the games. Debt Resulting From Creating Olympic Arenas Many of the arenas constructed for the Olympics remain expensive due to their size or specific nature.
The Olympics in Rio de Janeiro Health concerns over the Zika virus that has been spreading in Brazil caused many athletes to withdraw from the games and spectators to not enter the country.
Additionally, scientists determined that the water being used for boating and swimming events is contaminated with raw sewage and superbacteria, adding to health concerns. The Bottom Line Hosting the Olympics tends to result in severe economic deficiencies for cities.
Unless a city already has the existing infrastructure to support the excess crowds pouring in, not hosting the Olympics may be the best option. Trading Center Want to learn how to invest?
Get a free 10 week email series that will teach you how to start investing. Delivered twice a week, straight to your inbox.The Economic Impact of the Olympic Games Missing Graphs With the Olympic games being held in Sydney this year, I wondered if perhaps the performance of the economy was being affected in part by the fiscal stimulus provided by Olympic construction in Sydney and other parts of the country.
After an hour on a plane, two in a taxi, three on a decrepit ferry, and then four more on buses driven madly along the tops of sheer cliffs by Greeks on cell phones, I rolled up to the front door. The economic impact of the Olympic Games relates to the wider effects of the Games on the general economy arising from associated factors such as increased tourism and improved infrastructure.
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