Olympic Hangover

[Michael]

Gotta wonder what drives this Olympic thing...

Security at the Games and Its Cost Are Heavy

VANCOUVER, British Columbia — While the Vancouver Olympics have generally stayed within budget, the security costs have risen far beyond initial estimates of $175 million Canadian, or $167.5 million American, with the final tally widely expected to go beyond $1 billion Canadian.
Source (http://www.nytimes.com/2010/02/18/sports/olympics/18security.html)

A $1 Billion Hangover From an Olympic Party

Still, organizers insist the operating budget will break even. But that forecast includes $423 million in emergency money from the International Olympic Committee, and detailed financial information will not appear until after the Games are over.

As for Vancouver’s municipal government and the taxpayers, the bad news is already in. The immediate Olympic legacy for this city of 580,000 people is a nearly $1 billion debt from bailing out the Olympic Village development. Beyond that, people in Vancouver and British Columbia have already seen cuts in services like education, health care and arts financing from their provincial government, which is stuck with many other Olympics-related costs.
Source (http://www.nytimes.com/2010/02/25/sports/olympics/25vancouver.html?hp)

NBC Will LOSE Money On Winter Olympics

PASADENA, Calif. — NBC Universal says it expects to lose money televising the Winter Olympics from Vancouver next month.

NBC Sports chief Dick Ebersol said that while advertising sales were soft for much of last year, they have picked up as the Olympics drew near. The loss comes primarily due to the stiff rights fee NBC paid to broadcast the games, he said.

NBC paid $820 million for the rights to televise the Winter Games. That compares to the $613 million paid for the rights to televise the Olympics in Turin, Italy, in 2006.

Source (http://www.huffingtonpost.com/2010/01/10/nbc-will-lose-money-on-wi_n_417924.html)

And people wonder why I consider Olympics a big boondogle. :shrug:

So why is that cities line up for the honor of losing billions?

This makes no sense. :ummm:

[drgoodtrips]

I wondered that when Chicago was bidding on them recently. I wanted absolutely no part of that and was rooting heartily for the city to lose (assuming I still live here by then). Chicago is already the most tax-heavy place in the US and Mayor Daley agreed, at the 11th hour to guarantee funding for the improvements. This would have abandoned any pretense of budget neutrality and resulted in an onslaught of new taxes stacked on top of the already staggeringly high ones.

And for what? Screw that.

Of course, the official line was that all of the tourist revenue and whatever would more than offset the cost. :rolleyes:

[andrewl]

Gotta wonder what drives this Olympic thing...


Source (http://www.nytimes.com/2010/02/18/sports/olympics/18security.html)


Source (http://www.nytimes.com/2010/02/25/sports/olympics/25vancouver.html?hp)


Source (http://www.huffingtonpost.com/2010/01/10/nbc-will-lose-money-on-wi_n_417924.html)

And people wonder why I consider Olympics a big boondogle. :shrug:

So why is that cities line up for the honor of losing billions?

This makes no sense. :ummm:

Because certain corporations involved in construction, security, etc, will always reap a profit. The olympics is a corporate opportunity that is very similar to the way war or natural disaster are an opportunity for a few people to profit.

Andrew

[Americano]

Gotta wonder what drives this Olympic thing...


Source (http://www.nytimes.com/2010/02/18/sports/olympics/18security.html)


Source (http://www.nytimes.com/2010/02/25/sports/olympics/25vancouver.html?hp)


Source (http://www.huffingtonpost.com/2010/01/10/nbc-will-lose-money-on-wi_n_417924.html)

And people wonder why I consider Olympics a big boondogle. :shrug:

So why is that cities line up for the honor of losing billions?

This makes no sense. :ummm:

Because the losses are almost directly transferred as income resulting in nice margin to their political supporters, interested parties being the polite words.

[Michael]

Because the losses are almost directly transferred as income resulting in nice margin to their political supporters, interested parties being the polite words.

For the Vancouver taxpayer who gets stuck with the largest portion of the bill? :ummm:

I must be missing something here...

There is a reason that the largest opposition to any Olympic host proposal always comes from residents of the proposed host city. I'd fight tooth and nail against any Olympic bid for Toronto.

[Americano]

For the Vancouver taxpayer who gets stuck with the largest portion of the bill? :ummm:

I must be missing something here...

Taxpayers have no role in such promotions other than picking up the tab after being temporarily dazzled by the politicians. Everyone but the taxpayer has a pleasant and profitable experience.

[Michael]

Taxpayers have no role in such promotions other than picking up the tab after being temporarily dazzled by the politicians. Everyone but the taxpayer has a pleasant and profitable experience.
Sounds like a description of the US financial crisis. :shrug:

[Americano]

Sounds like a description of the US financial crisis. :shrug:

You're referring to the last 30-years of US economics? Pump it up, sell it, let the public take the losses and plan the next, similar, opportunity?

[Non Sequitur]

Gotta wonder what drives this Olympic thing...


Source (http://www.nytimes.com/2010/02/18/sports/olympics/18security.html)


Source (http://www.nytimes.com/2010/02/25/sports/olympics/25vancouver.html?hp)


Source (http://www.huffingtonpost.com/2010/01/10/nbc-will-lose-money-on-wi_n_417924.html)

And people wonder why I consider Olympics a big boondogle. :shrug:

So why is that cities line up for the honor of losing billions?

This makes no sense. :ummm:

Prestige. It makes plenty of sense. Plus, people are always willing to spend billions on sporting events.

[Michael]

Prestige. It makes plenty of sense. Plus, people are always willing to spend billions on sporting events.

True. I just don't see how or why local taxpayer-citizens would support it. That seems odd.

The Olympics are wonderful - as long as they are in YOUR city and not mine. I don't want to pay for your entertainment. Host city taxpayers do get hit with a significant portion of the cost and opportunity loss (tax revenues going for useless stadiums and not spent on useful roads/bridges/sewers/transit/etc.).

[The Drunk Guy]

It is a ludicrous concept. I would love to hear plans to build a permanent summer Olympic facility in Athens and a permanent Winter Olympic facility somewhere in Scandinavia. All competing nations pitch in once and then it's over.

[Americano]

It is a ludicrous concept. I would love to hear plans to build a permanent summer Olympic facility in Athens and a permanent Winter Olympic facility somewhere in Scandinavia. All competing nations pitch in once and then it's over.

Business interests in other countries will never let that happen. Not as long as they have taxpayers to foot the bills.

[Michael]

It is a ludicrous concept. I would love to hear plans to build a permanent summer Olympic facility in Athens and a permanent Winter Olympic facility somewhere in Scandinavia. All competing nations pitch in once and then it's over.
I'd agree with this - indeed, I've suggested something similar several times.

Spending several billion dollars to build new Olympic facilities every four years seems absurd and wastefully inefficient.

[Greendruid]

$117 million (CAD) is the price tag of the "Own the Podium" campaign stirred up in Ottawa for these "games". This is To put this into perspective, the EU is sending €3 billion (about $4.3 billion CAD). Here's their mission statement:

"To lead the development of Canadian sports to achieve sustainable podium performances at the Olympic and Paralympic Games."

WHAT THE FUCK IS SUSTAINABLE ABOUT PODIUM PERFORMANCES?

This is just disgusting to me. I'm happy that the truly amateur athletes have an arena to perform their sport in (this does not include hockey players who are already professionals and grossly overpaid). I'm all in favour of supporting personal achievement in many different forms. This, however, has gone too far. The government has funded $47 million of that $117 million amount, the rest is corporate, Bell being the largest of those sponsors. I have to assume that this government amount is all public money out of my taxpaying pocket. I could think of a lot of better things that could have been done with that money.

[Donkey]

I admit I'm a sucker for the olympics, but I think I could take a machete to the costs.

[Michael]

$117 million (CAD) is the price tag of the "Own the Podium" campaign stirred up in Ottawa for these "games". This is To put this into perspective, the EU is sending €3 billion (about $4.3 billion CAD). Here's their mission statement:

"To lead the development of Canadian sports to achieve sustainable podium performances at the Olympic and Paralympic Games."

WHAT THE FUCK IS SUSTAINABLE ABOUT PODIUM PERFORMANCES?

This is just disgusting to me. I'm happy that the truly amateur athletes have an arena to perform their sport in (this does not include hockey players who are already professionals and grossly overpaid). I'm all in favour of supporting personal achievement in many different forms. This, however, has gone too far. The government has funded $47 million of that $117 million amount, the rest is corporate, Bell being the largest of those sponsors. I have to assume that this government amount is all public money out of my taxpaying pocket. I could think of a lot of better things that could have been done with that money.
That's just a drop in the bucket compared to the $billion spent on security or the $billion cost deficit that Vancouver city is on the hook for.

Montreal is still paying off the debts from the 1976 Olympic games.

[Zarquon]

That's just a drop in the bucket compared to the $billion spent on security or the $billion cost deficit that Vancouver city is on the hook for.

Montreal is still paying off the debts from the 1976 Olympic games.
Well, you guys won (http://www.vancouver2010.com/olympic-medals/) the most gold, though USA owned the podium.
And I agree with TDG's proposal.
In fact, so does an ex-American Olympic rower (http://www.discussionworldforum.com/forum/newreply.php?do=newreply&p=23905); though he wants both editions to be held in Switzerland due to its neutrality.

[Americano]

The games have to rotate sites. There's not enough depth in public funding for most countries to sustain hosting costs on a regular basis. Politicians get the fame, private sector profits and the public pays for it.