Posted on 10/19/2014 6:52:38 PM PDT by Dallas59
The bidding process for the 2022 Olympics was a disaster for the International Olympic Committee.
Democratic nations are no longer buying the argument that hosting the games is a wise investment. Every potential 2022 host city with a democratic government eventually pulled out of the bidding, many over economic concerns, leaving Beijing and Almaty, Kazakhstan, as the IOC's only two options.
Academics have been saying for years that hosting the Olympics doesn't make economic sense. The costs are typically larger than expected, the infrastructure needed for a big sporting event isn't the same as the infrastructure needed for daily life, and the economic benefits are typically overstated.
The latter point was addressed by Holy Cross professor Victor Matheson in a 2004 paper called "Economic Multipliers and Mega-Event Analysis."
The paper examines a major problem with pre-event economic-impact studies, which Matheson says have a tendency to overestimate how much a one-time attraction like the Olympics will contribute to the local economy.
(Excerpt) Read more at ca.finance.yahoo.com ...
How about Sierra Leone or Liberia ?
Winter Olympics, take note.
Putting the Winter Olympics anywhere but a well-established and centrally-located ski resort area is simply insane.
That’s why they were so perfect in Salt Lake City — a big city with an airport and arenas with five world class ski resorts, and another half a dozen boutique ski resorts, within an hour’s drive.
I am proud that the citizens of Denver once vetoed a winning Olympic bid their leaders tried to foist on them. They are the only city I know of to turn down the Olympics.
The only parts of the olympics I like is the opening and closing ceromonies.
It will be interesting how Rio will do the 2016 summer olympics.
Initial construction is about 15% of the total life cycle costs for such facilities. If they aren’t natural economic roots to finance their function, they will tend to drain the local economies supporting them.
BFL
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