Ground Control Global reposted this
Paris is set to break even on the 2024 Olympics after spending $9.7+ billion. The first city to do so since LA, back in 1984. Following huge economic losses for host cities, the International Olympic Committee (IOC) is now prioritising bids that utilise existing infrastructure. London blew $15 billion in 2012, $20 billion for Rio in 2016 and Tokyo racked up a huge $28 billion, which only brought in $5.8 billion in revenue. Every single games since 1960 has had cost overruns, on average, spending 2.5x budget. As you can imagine, the bids to host the Olympics was on the decline. 2004 - 11 bids 2008 - 10 bids 2012 - 9 bids 2016 - 4 bids 2020 - 3 bids 2024 - 2 bids The IOC had to change the bidding process. Now, instead of a public bid, with the largest bidder winning the Olympics, it's a private bid with a greater emphasis on efficiency. It's no surprise that there is a lot of resistance to Brisbane hosting. Even if it does breakeven, there will be tons of expensive infrastructure to maintain. Just look at Sydney Olympic Park - it's barely used. I think the solution is to have the same city hosting the Games every four years. When the modern Olympics were created in 1896, we didn’t have international communications and jet travel. So in order to have the world participate in and enjoy the Olympics, you had to move it around. We don’t have to do that anymore. Thoughts?