Australian Olympic Committee president John Coates, who also worked on the campaign to host the 2000 Summer Olympics in Sydney, was responsible for the Brisbane effort. This year’s Olympics in Tokyo, scheduled to begin in July, has been delayed by more than a year due to the COVID-19 pandemic.
Attracting global attention through hosting the Olympics
A study found that the economic benefits of hosting the Olympics continue to be disputed, particularly in light of the escalating costs associated with hosting the sporting event.
Many countries withdrew their bids to host the Olympics due to fears of financial risk, including Budapest, Hamburg, and Rome, who backed out of their bids to host the 2024 Olympics because of their concerns around costs. This means that Tokyo will be unable to offset expenses for the Olympics with expected revenue from ticket sales and tourism.
Although there are advantages to hosting the Olympics, there is only one crucial benefit: the increase in tourism as a result of Olympic events.
For example, in the two years preceding and following the Sydney 2000 Olympic Games, international tourism grew by 16 per cent.
“However, they are adding significantly to the population, but not in the form of a new motorway network, additional hospital capacity, or other social infrastructure which is required.”
For the third time, it will be successful for Australia
Following Sydney in 2000 and Melbourne in 1956, Brisbane will be the third city in Australia to host the Olympic Games. Along with the United States, Brisbane has become the second country to have hosted the Olympics three times, after the United States in 1932.
The next two years will be difficult, given that the 2000 Olympic Games, widely viewed as a great success, has been called “the best games ever.” Partly because of its commitment to sustainability, Brisbane secured the rights to host the Olympics.
The $5 billion estimated costs of hosting and setting up the games includes estimated ticket sales, sponsors, and the IOC; and ticket sales, sponsors, and the IOC are estimated to cover $2.5 billion of the total. At $5 billion, $5 billion is not insignificant, but it is far less than what is estimated for the cost of the 2020 Tokyo Olympics, which is expected to exceed $20 billion. In addition, according to a KPMG, hosting the Olympics will create a windfall for the Australian economy of approximately $17.61 billion in additional benefits, both regionally and nationally.
All in all, the 2032 Olympic Games in Brisbane are expected to leave behind many long-term improvements to the city’s infrastructure, which will raise property values over the long term.
Opportunities to invest in property in Brisbane
This is a thriving market for savvy investors and entrepreneurs. We are aligned with C J Investment property and our associated partners, who are willing to assist investors in uncovering the best fit in Brisbane.
Owen, Estimating the Cost and Benefit of Hosting Olympic Games
Sent from my phone with Blog This WOW