Why Hosting The Olympics Isn't Worth It Anymore

Summary

The video script discusses the escalating costs and controversies surrounding the Olympics, questioning their sustainability. It highlights how past games have consistently exceeded budgets, with the IOC taking a larger share of revenue. The script also touches on environmental impacts and the dwindling number of cities willing to bid as a host. Suggestions include the IOC's proposed reforms and the idea of a permanent host city to alleviate financial burdens, with Los Angeles as a potential candidate. Despite challenges, the Olympics remain popular, with high support from candidate cities' populations.

Takeaways

• 🏅 The Olympics are often associated with overspending, waste, and controversy, which can negatively impact the host city long after the games are over.
• 📈 Every Olympic Games in the last 50 years has exceeded its budget, with the 2014 Sochi Winter Games being a notable example of massive cost overruns.
• 📚 Professor Andrew Zimbalist, an expert on the Olympics, highlights the high costs of various facilities required for the games, including athletic venues, an Olympic village, and media centers.
• 📺 The International Olympic Committee (IOC) has been taking a larger share of revenue from the games, significantly impacting the financial benefits for host cities.
• 🏟️ Post-Olympics, stadiums can be costly to maintain and may fall into disrepair if not utilized properly, affecting property values and the environment.
• 🌲 The environmental impact of the games, such as habitat destruction for the Winter Olympics, raises concerns about the sustainability of hosting the Olympics.
• 📉 The number of cities bidding to host the Olympics has decreased due to financial failures and the extensive planning required.
• 💡 IOC President Thomas Bach has proposed a list of actions to reduce costs and improve sustainability, aiming to make the games more attractive to potential host cities.
• 🏙️ Zimbalist suggests a radical solution to the bidding problem by establishing a permanent host city with existing infrastructure to reduce the need for new construction.
• ❄️ Climate change affects the feasibility of hosting Winter Games, as fewer cities can guarantee snow, potentially making a permanent host city more viable.
• 🌐 Despite the challenges, the Olympic Games remain popular among the public, with high support rates in candidate host cities for the 2020 Games.

Q & A

What are some of the issues associated with hosting the Olympic Games?

The issues include overspending, waste, controversy, and lasting damage to the host city, such as environmental disruption and high maintenance costs for the newly built stadiums.

How has the Olympic Games' budgeting changed over the past 50 years?

Every game in the last 50 years has gone over budget. For example, the 2014 Sochi Winter Games exceeded its 10 billion dollar budget by an additional 41 billion dollars.

Who is Professor Andrew Zimbalist and what is his contribution to the discussion on the Olympics?

Professor Andrew Zimbalist is an author who has written several books on the Olympics, including 'Rio 2016: Olympic Myths, Hard Realities,' and he is well-versed in the financial and operational aspects of hosting the Games.

What are the costs associated with hosting the Olympic Games?

The costs include building athletic venues, an Olympic village, media and television production facilities, a media village, ceremonial and green spaces, and transportation infrastructure.

How has the International Olympic Committee (IOC) changed its revenue sharing with host cities?

The IOC has been taking a larger percentage of revenue from host cities. In the 90s, it took 4%, but by the 2016 Rio Games, it pocketed 70% of the revenue.

What are the environmental impacts of hosting the Winter Olympics?

The environmental impacts include destruction of natural habitats such as mountainsides, trees, and the displacement of animals, some of which may be close to extinction.

Why are fewer cities bidding to host the Olympic Games?

Fewer cities are bidding due to the financial failures of past Games, the long planning period, and the high costs associated with hosting, which often do not result in profit.

What was Boston's experience with bidding for the 2024 Summer Games?

Boston pulled its bid for the 2024 Summer Games after the citizen group No Boston Olympics convinced the city that hosting the Games was not in their best interest.

What actions did IOC President Thomas Bach suggest to shape the future of the Olympic Movement?

Thomas Bach suggested a list of 40 actions, including evaluating bid cities by assessing opportunities and risks, reducing the cost of bidding, and incorporating sustainability in all aspects of the Olympic Games.

What is Professor Zimbalist's proposal to keep the Olympics alive?

Zimbalist supports the idea of getting rid of the bidding system and selecting a permanent host city that already has the necessary infrastructure and facilities, such as Los Angeles for the Summer Olympics.

How do public opinions in candidate host cities reflect their support for the Olympic Games?

According to an IOC poll for the 2020 Games, there was significant support from the residents of candidate cities, with percentages reaching up to 83% in Istanbul.