Hosting major sporting events like the Olympic is often an expensive affair. The 2004 and 2012 Summer Olympics cost the host countries an estimated $15 billion (Flyvbjerg & Stewart, 2012). These events are seen as a catalyst for economic development for regions and countries as well. However, these events if not adequately planned, leave the nations with major white elephants in terms of Olympic stadiums and other facilities. What is clear is that hosting the Olympics has its up and downsides.
The Olympics is a long-term investment. The stadiums and sports facilities build are used for an extended period after the event is over. Olympic villages can be converted to residential areas. Furthermore, the country’s profile is raised due to having some of the best sporting facilities. This is not to imply that hosting the Olympics lacks short-term benefits. Sports stadiums and facilities are a source of employment for thousands of people. The 2012 London Olympics created 8000 full-time jobs and other 20000 jobs during the period of the games (Baade, & Matheson, 2016). Dormant regions and cities are usually revived due to a hive of activities. Investment in stadiums and sports facilities has its numerous benefits.
Delegate your assignment to our experts and they will do the rest.
Comparatively, building sports stadia and other facilities comes with a hefty price tag. The costs are usually passed to the taxpayer. The Bird's Nest stadium cost the Chinese government $480 million to construct. A further $11 million is spent annually for maintenance (Weissmann, 2012). Considering that for a country to host the Olympics, about five stadiums of such magnitude and quality are required, the Olympics is a heavy burden for the taxpayer. Additionally, the facilities are used optimally for just a short while. Most of the facilities built for the 2004 Olympics in Greece remain unused with little maintenance. Without careful planning, most of the facilities are of little importance after the games.
In conclusion, investing in stadiums and other facilities is costly, but with proper planning, the long-term benefits justify the massive costs. The benefits of investing in stadiums and facilities outweigh the disadvantages by far. However, governments have to plan wisely to reap optimal benefits from hosting the Olympics.
References
Baade, R. A., & Matheson, V. A. (2016). Going for the gold: The economics of the olympics. The Journal of Economic Perspectives, 30(2) , 201-218.
Flyvbjerg, B., & Stewart, A. (2012). Olympic proportions: Cost and cost overrun at the Olympics, 1960-2012. Retrieved on 25 November 2017, from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2238053.
Gu, Y., & Zhang, Z. (2015). " Elementary analysis of the impact of large-scale sports events on space regeneration of the hosts: Cases from the 2008 Beijing Olympic Games and 2012 London Olympic Games." In Pan, Q. & In Cao, X. Recent Developments in Chinese Urban Planning: Selected papers from the 8th International Association for China Planning Conference, Guangzhou, China, June 21-22, 2014. (pp. 285-298). Cham: Springer International Publishing.
Weissmann, J. (2012). Empty Nest: Beijing's Olympic Stadium Is a Vacant 'Museum Piece' . Retrieved on 25 November 2017, from Jordan Weissmann: https://www.theatlantic.com/business/archive/2012/07/empty-nest-beijings-olympic-stadium-is-a-vacant-museum-piece/260522/
