Professional: The (Un)profitable Olympic Games

In 2008 the European Tour Operators Association (ETOA) published a report reinforcing their previous conclusions that hosting the Olympic Games typically stalls tourism growth. Nearly every Olympic city suffers a decline in demand after the hosting the Games. According to ETOA however, the latest data from Greece and Australia suggests that tourism to the host country is harmed even more than to the host city. Sydney 2000 Not long after Sydney hosted the 2000 Olympics, it famously ran a tour...

Hosting the Olympic Games seems certain to boost the economy of any place in the world. After all, this is thought to be the main reason why most cities around the globe which apply for the right to host them, want to stage the event in the first place. However, financial success is not always guaranteed. Why? Firstly, many locals are put off by the fact that prices tend to rise. This is usually the case everywhere as for example the price of beer can rise from 3 Euro to as much as 5 Euro for...

The Bird's Nest, which was a showpiece of the 2008 Beijing Olympics and now is showing signs of decline in peeling paint will be converted into an entertainment and shopping centre in three to five years. The plans were recently announced by the National Stadium’s managing agency Citic Group. At the same time, it will seek to hold more sports and cultural performances. “The Bird's Nest will continue to have tourism as its major business, while gradually tapping its commercial facilities and t...

The funding for the 2014 Winter Olympic Games in Sochi, Russia, is not according to the country’s Prime Minister Vladimir Putin jeopardized by the current world economic crisis. “The financial difficulties we are seeing in the world today have had an impact on our country, but everything relating to the Olympic project is safeguarded by the budget, and its financing is guaranteed,” Putin said. “None of the Russian or foreign investors have abandoned their initial plans,&...