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- Category: Olympics
- #574332The hosting of sporting events is bound to help the tourism industry. It also helps a nation in marketing its cultural diversity.
Infrastructure development is one of the advantages associated with the hosting a sporting event of international importance. It should be noted that such developments tend to be beneficial in the long run. Apart from that, the prestige and honour of the nation gets a huge recognition.
The host country can earn a good income from sales of the tickets. Additional arrangements to showcase the cultural extravaganza will aid in garnering the revenues.
And finally, the hosting lets you create employment to the natives of the host country.
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- #574339The major cost components involved in organising a mega event like the Olympics are the cost of creation of necessary infrastructures like stadiums, games arena or competition venues, transportation, housing for athletes, officials and fans and operational costs including security, general administration and organisation of opening and closing ceremonies etc.
However, the benefits include the short term benefits like accruals through spending by the tourists during the games and the long term benefits like improvements in infrastructure and increased trade, foreign investment, or tourism after the games, not to mention about inheriting the 'Olympic legacy'.
However, research on the subject matter has found that generally organising Olympics is a money losing proposition for host cities particularly in the developing countries and therefore it is considered a poor investment decision.
It is basically taken as a major commercial event in which the concerned stakeholders make hay while the sun shines. The property cost/rentals increases, the local hospitality industry gets a boost and trading in general increases in the surroundings. It is said even pickpockets and such other elements from far off places camp in the host city to do some business.
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- #574382Well there are two aspects in this regard. If a country opts to organize a big sporting event specially the Olympics then it must spend huge money on various stadiums, parks, play fields, residential quarters for players and so on. All these are the additional expenses for the hosting country. Remember once the big event is over, then the stadiums wont be used regularly. For example in Hyderabad some years back cycle velodrome was constructed at Arts College in OU campus. After some major sporting event, the SAAP has never organized any big even here and now it is changed to skating rink. Even that is not getting popular and soon this gigantic stadium would be closed for no events. So the money got wasted. Even in the present RIO Olympic games there are criticism from the close observers that much money was spent and after event there is no guarantee of maintaining those costly stadiums with no income.
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