Over the next few weeks the Olympics will be in London. Leading up to this we have all been hearing on the news all the different issues that the city has had from its transportation, to stadiums, to security, etc...
With that said, are Olympics bad for cities?
From what I understand, and correct me if I am wrong, a city has to bid to the International Olympic Committee (IOC) over a decade in advance to host the Olympics. Before they can bid, they have to put together this committee and do the studies on the feasibility, etc... all costing some money before the bid is even off the ground. Then there is even more money spent just to make the pitch to the city and those that work and live there that would be affected. Once you have their buy in you need to spend money to convince people on a national level, potential sponsors, etc... And once you get their buy in you have to convince the IOC. At this point I am guessing that there are a few million dollars spent.
Now, if you win the bid you need to build stadiums and more hotels and an Olympic Village for all the atheletes to stay in. You need to upgrade your transportation from the airport to the roads to trains and busses. Now you are into the Billions Of Dollars. Then there is security. Food. Utilities.
After it is all said and done I cannot see where any city comes out of this economic black hole in the good. It seems to me that the benefits are not there to make any city worthwile to host the games. I don't think that in the past 20-30 years there have been any cities that have benefited from the games.