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Literature Review: Evidence from Past Olympic Games
Pages 10 (2510 words)
According to Kyle James, analysts divided the Olympics economics into three phases namely pre-game, game and post game. While the city benefits from tourism and construction activity in the first phase, during the second phase revenue can be generated from sale of tickets, sponsorships, generation of Olympic related temporary jobs, revenue to hotel industry, restaurants and local businesses due to arrival of foreign tourists etc., and the third phase as cited by Markus Kurscheidt, a sports scientist is the time when the games are over and problems start…
The Olympics were financed almost entirely by Montreal city's public funds (2004).
Allan Drury stated in The Journal News (2005) that Montreal city spent huge amounts to build venues and develop infrastructure without assessing the income generation aspect. Allan Drury also stated that the Montreal Olympics were a failure not due to operational reasons but because the mayor borrowed 30-year bonds which are being paid off and will not finish paying the debt of US $ 2 billion in principal and interest till 2006.
The European Economic Outlook states that the impact of Montreal Games was such that other cities were not ready take the risk and thus deferred bidding for Olympics for some time as depicted in Figure 1.1 (2004).
But Allan Drury stated in The Journal News (2005) quoting Humphreys saying that spending occurs for constructing athletes' venues, housing and other infrastructure and the financial success of the Atlanta games could be attributed to good planning and corporate contributions. Thus unlike in Montreal the taxpayers were not asked to pay huge amounts.
According to The European Economic Out ...
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