The Olympics Games Are Major International Sporting Event Essay

1002 Words Feb 12th, 2016 null Page
The Olympics Games are major international sporting event in which thousands of athletes compete against each other. The International Olympic Committee (IOC) elects the host from a list of cities that have decided to bid. The prospect of hosting a big event is a serious consideration as there are both advantages and disadvantages. The main question is that if it is worth it or make sense for a country or city to be the host. Hosting the Olympics may be seen as a great investment, and in the past, some countries definitely benefited from it (Herstein & Beger, 2013, p.106). Despite that, it is likely to be a mistake to host the Games because it is extremely costly, can unsettle the city and distract the city from effective, long-term planning.
Hosting the Olympics requires a massive amount of money, and it is a huge investment with no guaranteed return. For the 2008 Beijing Olympics, China spent $42 billion (Herstein & Beger, 2013, p.104). London spent $14 billion, Russia spent $50 billion, and Rio’s projected spending is estimated to be $14.4 billion for their respective Olympic Games (If Chicago Had Won the Olympics, 2015, p.110). Zimbalist (2012) writes that high costs would surely be a loss in the short-run (p.116). While some of the host cities in the past made profits in the long-run, there were also many failures. The 1972 Olympics in Munich lost £178 million, the 1976 Games in Montreal lost $1 billion, and the 2004 Games in Athens ended up in a loss as well…

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