Sport Management Assistant Professor Gives Insights on Sochi
|Date: Friday, February 14th, 2014||Return|
Original article by John S Kiernan can be found at http://wallethub.com/blog/olympics-by-the-numbers/1819/#smith
The 2014 Winter Olympic Games in Sochi, Russia are record-setting in an astounding number of ways, from the seaside town’s traditionally warm February temps to fact that the Olympic torch visited space for the first time. But it’s when you start talking money that things truly get interesting.
The record $51 billion that Russia has invested in the Games is more than the previous 21 Winter Olympics combined. That figure also includes some $25 billion lost to corruption and theft as well as $8.7 billion spent on a transportation system to the mountains that could have been paved with a nice layer of Louis Vuitton bags for the same price. You can’t ignore the $775 million that NBC spent on the rights or the $1.05 billion in advertising revenue they’re expected to rake in either.
With that in mind, WalletHub decided to audit the Sochi Olympics in much the same manner as we did Super Bowl XLVIII. You can check out the resulting infographic below, along with some additional tidbits and commentary from sport management professors from universities across the country.
J. Darren Smith, Western Kentucky University
Most countries expect to experience a boom in economic income as a result of hosting the Olympic Games, and, in fact, they do. However, they typically do not experience enough economic gain to off-set the cost of the construction and infrastructure needs required in order to host such events. A good, recent, example of this would be the Olympics in Beijing. There are photos and descriptions available of the facilities that were highlighted on International Television as the greatest ever, now being void of activity of any sort that may be beneficial to the country.
The difficulty with the Olympic Games, unlike the Super Bowl and World Cup events, is that facilities must be constructed in order to host the Olympics. Countries or cities chosen to host the Super Bowl or World Cup typically have adequate facilities to host these events and the amount of infrastructure and construction cost is relatively small compared to the Olympics. Host countries/cities for these events are more likely to realize a positive economic impact as a result of hosting the events.
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