On 6th July, 2005, the UK won the bid for becoming the host country to stage Olympics Games in London for the year 2012. Such decisions have been brought forward with itself various levels of arguments and key analysis in the light of social and tourism theories. The possible impact of such decisions is related to be different from the viewpoint of every analyst. Some consider it to be having positive effects upon the economy such as increased tourism and international exposure to the UK, and better ties with the nations participating in an international event. On the other hand, economists and industry analysts cite it as a bad idea with more cons than pros. The long lasting effects of London Olympics could be devastating for the economy in whole. This short research paper aims to shed light on the various effects of staging these events have on the economy of Great Britain in light of tourism theories. Furthermore, it aims to develop a balance in between theories and practical approach to realistically found out the most accurate possible after effects after witnessing the historical analysis of various countries that staged Olympic Events.