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The Joe Pomp Show
Why No One Wants To Host The Olympics Anymore
Aug 4, 2024
Delve into the financial quagmire that is the Olympics, uncovering why cities are shying away from hosting this grand event. Explore how skyrocketing costs and past budget overruns have created a climate of hesitation among potential bidders. Discover the sobering realities faced by host cities like Beijing and Tokyo, where expenses have often eclipsed revenues. Join the conversation on the shifting perspectives regarding taxpayer funding and the overall sustainability of the Olympics.
05:56
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Quick takeaways
- Hosting the Olympics has become financially burdensome, consistently exceeding budgets and leaving cities with unsustainable expenses.
- The reluctance to bid for future Games stems from increased demands by the IOC and minimal economic returns for host cities.
Deep dives
The Financial Strain of Hosting the Olympics
Hosting the Olympics has become a financially burdensome endeavor for many cities, often leading to expenses that far exceed initial estimates. For instance, the 2012 London Games ended up costing $18 billion, significantly overshooting its $5 billion budget, while the 2014 Sochi Games saw expenses reach $41 billion over an initial $10.3 billion projection. On average, hosting the Olympics costs three times the bid amount, with no event over the last 60 years staying on budget. These escalating costs have raised questions about the economic viability of hosting, as seen in Tokyo, which generated just $5.8 billion in revenue from a staggering $13 billion spent, highlighting the growing trend of cities reconsidering their bids for future Games.
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Discover
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