Why No One Wants To Host The Olympics
Budapest withdrew its bid to host the 2024 Olympics a couple of days ago. This leaves Los Angeles and Paris as the only two contenders for the coveted event.
Whats up with that though?
Nothing, except did we mention that the last few Olympics have costed a whopping $43B, yea that’s billions, to host! With Brazil (Rio 2016), London (2012) and Russia (Sochi 2014), all struggling to recover their costs, let alone any profits, there’s a reason why the Olympics isn’t the most popular world event to host anymore. And if that wasn’t bad enough, not even a single Olympics till date has stayed within budget, running over, on average, by 167%.
Has it always been this bad?
In one word, no. Since 1968, the Olympics have cost on average $3.8 billion to host, adjusted for inflation. It has only been in the last few where we’ve seen the host countries spending a gazillion dollars to impress the entire world by putting on a show worth remembering. The matter hasn’t been helped by the fact that the world economy is still in a very frail position, and the Rio Olympics which left an extremely sour taste with the Brazilian people. Rampant corruption and bribery accusations, against the political administration, marred the event, leaving many to wonder if there was any benefit to hosting the games.
Jeez, got anything good to say?
Of course! LA & Paris are still in the running silly. LA has actually gone a step ahead and planned out a sustainable method to build and make available the appropriate infrastructure for the Olympics. From partnering with existing stadiums and facilities to signing up with private investors to fund the projects associated with the Olympics, LA has taken an extremely efficient and smart approach to make their bid for the Olympics a symbol of hope for all the other cities which might have just been scared away by Rio, Sochi & London!
Which city are you from? Would you rather attend the Olympics in beautiful Paris or Swanky LA? Leave your comments below!
Content Source: Business Insider
Image Source: CBC, Patrick Kovarik / AFP/Getty Images