No one is really getting their hopes up, but the latest buzz is the idea that Buffalo could team up with Toronto to make a joint bid to host the 2024 summer Olympics.
But it does bring up the fascinating topic of what goes into hosting the global games.
Hosting this year's Olympics hasn't done much to pull London out of its recession. In fact, they are further in the hole after going over their $14.7 billion budget. This article from CBC News takes a look at how astronomically the tab has grown to host the games and with what kind of debt the games can saddle its host city.
This article from Bloomberg Businessweek says Greece's current fiscal crisis can be traced back to its hosting of the Olympics in 2004:
Hosting the event cost almost €9 billion ($11 billion at today’s exchange rate), making the 2004 Games the most expensive ever at that point. Greek taxpayers were on the hook for €7 billion, which did not include the cost of extra projects such as a new airport and metro system.
Within days of the closing ceremony, Greece warned the euro area that its public debt and deficit figures would be worse than expected.
And this article from the Atlantic spells out "3 Reasons Why Hosting the Olympics is a loser's game."
---Samantha Maziarz Christmann
taggedEconomic Development | Games