Economics Presentation On Cost of Olympics
1)Cost of Olympic Games 2) Overview First Olympic in 1896 in Athens 2012 Summer Olympics - 26 sports, 10568 Athletes, 204 Nations 2014 Winter Olympics -7 sports, 2873 Athletes, 88 Nations Governing Body: International Federation (IF) International Olympic Committee (IOC): sports, disciplines and events. London 2012 US$14.8 billion Source: www.theguardian.com/sport/2012/oct/23/london-2012-olympics-cost-total Sochi 2014 Estimated US$51 billion Source: www.theguardian.com/sport/blog/2013/oct/09/sochi-2014-olympics-money- corruption 3) Cost Bidding 5 out of 9 cities selected for bidding by IOC on 18 May 2004 Hosting Fee in 2012: U.S $150,000 London won the right to host the 2012 Games with 54 votes to Paris' 50 4) Cost Bidding Graph 5)Costs for Hosting Operational Costs (OCOG) Technology Costs Workforce Costs Administration Costs Transportation Costs Catering & Medical Services Security costs Non-Operational Costs (Non-OCOG) Direct Olympic Villages International Broadcast Centre Media & Press Centre Indirect Infrastructure Hotel Upgrade Costs 6)Cost of Olympic Games 7) Cost OverRun 8)Economic impact of OLYMPIC GAMES 1. Identifying the impact 2. Evidence from the past games 3. ATHENS & outlook of Greek Economy 9) -GDP & Employment Impact 10) ATHENS-Slowdown Economy Smallest Country. Total cost EXCEEDS Estimate cost leads to Downfall. Even the villages lands are used to conduct OLYMPICS. Widening Government Budget Deficit. 11) Scam 2014 Sochi Russia
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Economics Presentation On Cost of Olympics
- 2. Overview β’ First Olympic in 1896 in Athens β’ 2012 Summer Olympics - 26 sports, 10568 Athletes, 204 Nations β’ 2014 Winter Olympics -7 sports, 2873 Athletes, 88 Nations β’ Governing Body: International Federation (IF) β’ International Olympic Committee (IOC): sports, disciplines and events. β’ London 2012 US$14.8 billion Source: www.theguardian.com/sport/2012/oct/23/london-2012-olympics-cost-total β’ Sochi 2014 Estimated US$51 billion Source: www.theguardian.com/sport/blog/2013/oct/09/sochi-2014-olympics-money- corruption
- 3. Cost Bidding 2012 host city election β bidding results City Country Round 1 Round 2 Round 3 Round 4 London Great Britain 22 27 39 54 Paris France 21 25 33 50 Madrid Spain 20 32 31 β New York City United States 19 16 β β Moscow Russia 15 β β β β’ 5 out of 9 cities selected for bidding by IOC on 18 May 2004 β’ Hosting Fee in 2012: U.S $150,000 β’ London won the right to host the 2012 Games with 54 votes to Paris' 50
- 4. Cost Bidding
- 5. Costs for Hosting Operational Costs (OCOG) Non-Operational Costs (Non-OCOG) Direct Indirect β’ Technology Costs β’ Workforce Costs β’ Administration Costs β’ Transportation Costs β’ Catering & Medical Services β’ Security costs β’ Olympic Villages β’ International Broadcast Centre β’ Media & Press Centre β’ Infrastructure β’ Hotel Upgrade Costs
- 6. HOST CITY Budget(US) Total Cost(US) Profit/Loss London,1948 β€15000 β€742268 β€29000 Los Angeles,1984 $320 million $413 million $250 million Barcelona,1992 $850 million $9.3 billion $10 million Athens,2004 $15 billion $9 billion $14 billion Beijing 2008 $44 billion $146 million London,2012 $10.4 billion $14.6 billion $52.8 million Sochi,2014 - $51 billion - Rio De Janerio , 2016 Cost of Olympic Games Table:1
- 8. Economic impact of OLYMPIC GAMES 1. Identifying the impact 2. Evidence from the past games 3. ATHENS & outlook of Greek Economy
- 9. 1.Identifying the impact- Cost-Benefit Analysis
- 10. 2. Evidence from the Past Games US$ m Operation cost Budgetary Surplus/deficit Munich 546 (687) Montreal 399 (1228) Los Angeles 467 335 Sydney 1700 0 -Financing Impact Macro Economic Impact-some countries needs serious attention.
- 11. -GDP & Employment Impact
- 12. 3. ATHENS-Slowdown Economy β’ Smallest Country. β’ Total cost EXCEEDS Estimate cost leads to Downfall. β’ Even the villages lands are used to conduct OLYMPICS. β’ Widening Government Budget Deficit.
- 13. Scam 2014 Sochi Russia β’ Vladimar Putin-21 Fraud Contracts. β’ $7 billion-14% of total expenditure. β’ Unjustified project estimates. β’ Loss to states:170 million at the stadium. 75 million at BOBSLEIGH venue
- 14. Conclusion
- 15. Bibliography β’ www.theguardian.com/sport/2012/oct/23/london-2012-olympics-cost-total β’ www.theguardian.com/sport/blog/2013/oct/09/sochi-2014-olympics-money- corruption Table 1&2: "Olympic Proportions: Cost and Cost Overrun at the Olympics 1960-2012". Flyvbjerg, Bent; Allison Stewart (2012). Working Paper. SaΓ―d Business School, University of Oxford. Table 1: β’ www.telegraph.co.uk/sport/olympics/2307426/London-2012-must-learn-from-the-1bn-Sydney- hangover.html β’ "Official Report of the Games of the XXIIIrd Olympiad Los Angeles, 1984". International Olympic Committee. 1985. β’ "How the 2004 Olympics Triggered Greece's Decline - Bloomberg Business". Gibson, Owen (Oct 24, 2012). β’ "Olympic Games 2012 olympics olys,Paralympics 2012,Olympic legacy,Olympic Stadium,London (News),UK news,Politics,Sport". The Guardian (London). β’ "Sochi 2014: the costliest Olympics yet but where has all the money gone?". The Guardian. 1. PricewaterhouseCoopers European Economic Outlook June 2004 2. Preuss (2004) 3.Source: Greek Statistical Service, European Commission forecasts for 2004