Is hosting the Olympics a waste of money? | The Tylt

Is hosting the Olympics a waste of money?

Hosting the Olympic games is an honor that few cities share, but it is also costly. Pyeongchang is estimated to have spent over $10 billion dollars to host the Winter Olympics. Many believe that any revenue generated is not worth the cost of hosting—putting cities and countries in financial danger. Still, hosting brings a lot of tourism to the country and gives the city positive exposure. What do you think? 🏟

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Is hosting the Olympics a waste of money?
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Is hosting the Olympics a waste of money?
#OlympicsBurnCash
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#OlympicsBurnCash

Host cities serve as a meeting place where hundreds of cultures collide. Unfortunately, that honor tends to cripple the city or even the country. Greece hosted the Summer Olympics in 2004, and hasn't recovered since. Its economy tanked, causing the country to declare a debt crisis that has put it in a dire situation. While most countries weren't affected like Greece was, many host countries spend more money than their budgets say. This puts cities and countries behind the eight-ball economically. As cool as it is to host the Olympics, it is a huge waste of money.

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Hosting the Olympics is an honor not many cities can claim. Millions of people flood the city with each culture sharing their customs with each other in a show of unity. There is beauty in those interactions that can't be calculated with cash and coin. But if people want to talk in terms of profit, a lot of the venues that were built for the Olympics are still being used and generating money. Sydney, Australia is still making money long after they hosted the 2000 games:

The continued use of these venues means the economic benefits of the Games are still being enjoyed, with the Sydney Olympic Park annually generating well in excess of AUD 1 billion in economic activity for the host state, New South Wales. As a whole, the Games are estimated to have brought about a Gross Domestic Product (GDP) uplift of between AUD 6-7 billion (USD 4.8-5.3 billion), creating over 100,000 new jobs and boosting the number of tourists by approximately 1.6 million per year.
FINAL RESULTS
Sports
Is hosting the Olympics a waste of money?
A festive crown for the winner
#OlympicsBurnCash
#GamesHelpCities