The purpose of the study is to determine whether or not a net benefit, either from economic gain or legacy, or both, is likely in the case of the London Olympics.
Key concepts and theories Urban regeneration - Officially, the term ‘regeneration’ is described as ‘the positive transformation of a place – whether residential, commercial, or open space – that has previously displayed symptoms of physical, social and/or economic decline’ (Dept. of Culture, Media and Sports, 2004) Mega-event - The term ‘mega-events’ is used to refer to those high-profile events that last for a short duration but which require a great deal of expense and years of preparation. Mega-events are generally seen as having a great potential to promote tourism, and are expected to have a strong economic impact for the country hosting the event (Hiller, 2000, p. 439). Boosterism – The term ‘boosterism’ generally refers to ‘the necessary exaggeration that accompanies human endeavors’ (Amato, 1993, p. 50). In urban regeneration for mega-events, ‘boosterism’ refers to the exaggerated optimism in extolling the benefits of hosting a mega-event. Legacy planning – The term ‘legacy planning’ in relation to mega-sporting events refers to planning for deriving the maximum benefit of what is left of all the developments after the games have ended (Parliament HL, 2005). Crowding out – ‘Crowding out’ happens when visitors to the mega-event discourage regular visitors from taking their trip at the same time because of the difficulty of finding accommodations and getting access to other services; also known as ‘displacement’ (Barclay, 2009, p. 64). Supply-side leakages – ‘Supply-side leakages’ refer to the temporary entry of external firms which sell products during the Games, but whose revenues do not benefit the locality (Barclay, 2009, p. 64). Outline plan of the final essay 1. Introduction The introduction provides the background of the topic and an explanation for the importance of studying such a topic (Single, 2009, p. 70). This portion gives the context for understanding what the rest of the research will be about. The case study focuses on trying to weigh the economic costs against the economic benefits and the legacy the Olympic Games will create. 2. Urban regeneration The concept of urban regeneration is introduced first because it is the most important concept on which the case study is based. In explaining urban regeneration, the emphasis is placed on renewal and reconstruction of degraded part of the city. All projects that are undertaken as ‘regeneration’ projects should therefore enhance the areas of aspects of the city that are already in need of repair or upgrading. 3. Mega-event and its role in urban regeneration In this section, the idea of ‘mega-event’ is linked with that of ‘urban regeneration’. The two concepts are not or do not seem to be naturally related. The first refers to entertainment, something spectacular. The second refers to reconstruction. By discussing these two concepts in relation with each other, the importance of mega-events as a way of staging urban regeneration projects is given focus. 4. Urban regeneration for Olympics 2012 This section introduces the 2012 Olympic