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Hosting The Olympic Games: The Big Owe

2675 words - 11 pages

Despite we are at the end of May, the memory of the latest Winter Olympics held in Sochi is still fresh and vivid. Olympics is always focus of the whole world. No matter how many times the country has been the host, the entire nation will still be anxious to win the bidding and land the Games. Obviously, Olympics is like a huge parade getting the whole world involved to enjoy those high competitive sports games; meanwhile, it also has a huge and profound influence on the country’s economics for a long time. Olympics have usually been a chance for wealthy countries to show off their prestige and power, landing the grandest Games yet for weeks. Nevertheless, holding Olympics is a huge ...view middle of the document...

Being one of the worst financially planned Olympics and the first city to experience financial meltdowns in the aftermath of the Games, Montreal city remains synonymous with economic decline, having left behind a 30-year legacy of debt and financial disaster. The result was certainly unpredictable in 1970 by the time when Montreal was awarded the rights to the 1976 Games on May 12. These were the first Olympic Games held in Canada, preceding the 1988 Winter Olympics in Calgary and 2010 Winter Olympics in Vancouver. Still worse, almost all sovereign African nations and a few other countries boycotted the Olympics in Montreal, in respond to the International Olympic Committee's refusal to ban New Zealand, whose rugby team had been touring South Africa, a country insisted its implementation of apartheid policy. At that time, Montreal indeed was undergoing a dramatic surge in terms of its global profile, as the Games helped to transform the city into a world-renowned location. It was also the first time for Canada to host summer Olympics, the entire nation was excited to prepare for the curtain rising. So what actually caused the huge deficit after Montreal Olympics, turning such a great event into an everlasting nightmare which every citizen tried to run away from? It is the Olympic s with a price tag of more than $1.2 billion, while the cost of construction triples in 3 years. It is because of the unforeseeable inflation, incomplete and erroneous information for estimates, and a slump in productivity among construction workers, as well as a huge rise in the quantities of materials needed for the construction. Without any guarantee from the Canadian government, uncertainty made the province loose its control over the estimate in construction, which eventually turned out to be a financial disaster. It is not rare that inflation comes along with the Games. Anything got connected with Olympics will soon have its price multiplied at an astonishing rate; this is just a common case related with the brand effect of Olympics. Under this financial crisis, the budget made previously would soon run out since everything required is no longer available at the reasonable price level. That’s why host cities always need to worry about overspending problem and inevitable inflation. At beginning, the mayor Jean Drapeau notoriously stated, “The Montreal Olympics can no more have a deficit, than a man can have a baby.” which became an embarrassing and most ironic joke since the Olympic Games cost the city of Montreal a huge amount of money. Actually, the Olympics were an economic calamity for Montreal, resulting in costs of over $2 billion and leaving the city in debt for three decades. 30 years later, the debt was eventually paid off in December, due to a tax placed on the purchase of tobacco. Somehow, there was cast in a dark shadow for the Olympics from the very beginning, as the real reason that Montreal had been selected was similar as a buffer in order to...

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