Hosting the Olympics: is Greece is a cautionary tale?

[MinneapolisMatt]

This has been nagging me over the past few years now. Athens, Greece hosted the 2004 Olympic Games. Reading over various sources, it seems they simply could not afford to host the games.

The Greeks spent over 12 billion in construction and security. It costs over 500 million a year to maintain buildings that are already crumbling.

While there was historic and National pride in hosting the Olympics, perhaps governments need to be a bit more realistic these days. I can't help but wonder how that money could have been used differently, especially in the current economic crisis in Greece.

Off my soap box now. :)

[calimary]

1. I bet they wish they had that 12 billion dollars back.

How much of a return was there on that investment? Did tourism increase? Or was it a lavish luxury? It's a shame the very Cradle of the Olympics can't afford to host those games without being knocked to its knees financially.

And yeah, I know, it's cripplingly expensive for ANY country to host. But - I dunno - Olympics - Greece - what canya do?

[MinneapolisMatt]

4. IIRC

The only Games that have turned a profit are the ones held in the USA. Don't quote me on that, but I remember reading that somewhere years ago.

I seems such a waste these days...

[calimary]

10. I think that's true. I don't know if the LA games were the ONLY ones to turn a profit,

but the LA games did turn a profit - evidently the first Olympics to do so since 1932. That's because Olympic chair Peter Ueberroth sold everything to corporations. McDonalds and various banks and phone companies and other corporate entities sponsored everything. I remember the pin collecting rage that swept through town, and many of the pins had corporate logos on them that the sponsors themselves had had designed and manufactured. Depending on how limited-issue some of them were, they could fetch quite a bit in trade or purchase.


http://history1900s.about.com/od/fadsfashion/a/olympics1984.htm

[Commie Pinko Dirtbag]

2. Did Australia default 4 years ago?

[MinneapolisMatt]

6. I think they did.

Also, Barcelona (1992 Games) has created big financial problems to this day.

[Withywindle]

7. How do you think Rio will do?

I'm optimistic, because Brazil already has a lot of experience in hosting gigantic events (Carnival, world's largest Pride Parade, the FIFA World Cup in a few years) and seems to be on better economic footing than a lot of places.

(I'm a half-Brazilian living in Chicago who cheered when Rio won - partly out of happiness for Rio and partly out of relief that it won't be Chicago!)

[MinneapolisMatt]

8. I think Rio will be fine, actually.

They seem to have everything in hand right now. Of course, time can change all of that...but they seem to be very, very smart with their planning. And economically, they are doing quite well compared to the rest of the world.

[Commie Pinko Dirtbag]

9. We hosted the Pan American games in 2007, and it went fine.

That helps a lot.

[MinneapolisMatt]

11. Yes!

The only thing that was odd was that the crowds treated every match like a football game. I'm involved with gymnastics, and there were definite concerns with the crowd applauding 15 year old non-Brazilian gymnasts falling off the apparatus hahahahaha! But I'm not worried about that in the future. Brazil has the Olympic spirit in the right place, and they've been so gracious about telling causal fans to tone it down. Lots of my friends are from Brazil, and they were mortified. Don't think it will be a problem down the road!

I hope you get to go to the Games. What an experience...

[Commie Pinko Dirtbag]

12. I'll only fail to go if a piano falls on my head.

:woohoo:

[MinneapolisMatt]

13. HAHAHAHAHAH!

:)

[dsc]

3. they were the smallest country, by far, to host the olympics in

decades. Only Sydney Australia comes close and Australia was in a good economic situation when it hosted. From 68 it was Mexico City, Munich, Montreal, Moscow, Los Angeles, Seoul, Barcelona, Atlanta, Sydney, Athens, Beijing. A country of 11 million hosting such a big event was likely a mistake.

[MinneapolisMatt]

5. And the very first day of the Games in Athens

was a national holiday! It was so depressing seeing all of the empty seats at various venues.

[WatsonT]

14. Hosting the olympics is more about pride than investment

It would make far more sense to have a handful of designated winter/summer olympic cities and rotate amongst them. They would be able to build and maintain facilities that would be used more than once and they would be able to accumulate experience in running such a show allowing for better and better performances by the host city.