South Korea likely to lose more than $10 billion for hosting 2018 Winter Olympics

Who makes all the money?

I, like most of the people, couldn't care less about the Olympics.

Much less the winter Olympics.

Seriously, who really cares?

The opening and closing ceremonies are the only real viewer draws.

Yet, every 2 years it seems countries fight for the right to flush billions down the toilet to host what is at best an historical footnote.

Russia lost millions and millions of Rubles while the corruption and graft was off the charts.

Korea is looking to lose billions.

Who's running this racket? Tony Soprano?

$10 billion loss for Korea-Olympics

It was advertised over here that it cost an estimated 32 billion USD for South Korea. Now that is a lot of kimchi.

a reply to: musicismagic

and like kimchi this whole thing stinks.

Opening and closing ceremonies are the worst bit.

Watching humans excel at superhuman tasks is rather impressive. Most of these athletes donate their lives to the task they love with very little hope of making money from it. So kudos to the athletes, it's great we have humans like this on our world for our kids to look up to... Whatever is on the other channel is mind numbing.

As for losing billions for hosting the games... somehow that doesn't seem right to me... something doesn't add up.

a reply to: abe froman

It's simply the modern version of gladiators, a grand spectacle designed to keep the masses entertained and not focused on the elite class

Well look at Tokyo back in the sixties, Japan was put on the map again
After the summer olympics in Korea in the eighties, the Koreans started to build manufacturing and industry due to forign inverstors
These days, not so much, maybe Brazil tanked it

So much better sport to watch these days on TV, why watch sport at the olympics. Its dying

I'd imagine the cost to renovate/update/build the suitable infrastructure probably counts for a lot of the costs - particularly for countries that haven't hosted the event before, though a lot of that can also be written off as an long term investment. Obviously massive amount of human resources involved in such an event which also costs a lot of money.

But at the end of the day, the Olympics is one hell of an tourism advertisement for the country hosting - and while it might be a hefty short-term loss, it could well make up for it in the long-run.

And as to the question of "who really cares?" - each Olympics averages around 3.5 billion viewers worldwide. So I guess... quite a lot of the human population? Me personally - I definitely watch a lot of the summer Olympics, not so much the winter games. But more than anything it's the football World Cup I look forward to the most. Can't wait for Russia 2018!

a reply to: abe froman

It's all about short term money and showing off. I remember hearing that countries frequently get millions and millions into debt for hosting the Olympics. Sydney lost gazillions and so did the UK when we had them. At the very least, there are nearly always budget overruns. Makes you wonder what we're all getting out of it?

Could it possibly be about politicians looking important and businesses making millions? It's short-termism and apparently a woeful long term investment for the tax payers and nation.

LA '84 is the only Olympics since the 1930s to break even and that includes Winter Games too.

Hosting The Olympics Is A Terrible Investment

Here Are the 7 Biggest Financial Disasters in Modern Olympic History

You mean that they're likely to "lose" more than $10 billion. Construction workers, contractors, and a lot of others will make a killing, as usual. Supposedly one new stadium in South Korea is only set to be used 4 times before being torn down.

Pyeongchang, South Korea, built itself a brand-new $109 million stadium to host the 2018 Winter Olympic and Paralympic Games. And after just four ceremonial events ― including Friday’s opening festivities ― Pyeongchang is planning to tear the place down.

South Korea’s Olympic Stadium Will Host Just 4 Events Before It’s Torn Down

So perhaps we should word it "South Korean taxpayers are set to lose more than $10 billion". I guess it's better to waste money on this crap than on destroying & then rebuilding other countries. But it's basically a glorified cash grab for construction firms, travel agencies (I'd guess), and a lot of powerful people with good business connections.

When South Korea hosted the 1988 Olympics, the cost was estimated at $5.2 Billion.
en.wikipedia.org...

originally posted by: abe froman
Yet, every 2 years it seems countries fight for the right to flush billions down the toilet to host what is at best an historical footnote.

2 years?

a reply to: ArMaP

Olympics and then Winter Olympics? They're spaced two years apart.

INTERESTING....

Being in a city that hopes to get it, like when the Superbowl comes to town I've heard all about how money comes with it. Dont follow circus maximus enough to have gathered upon this cashola black hole you've brought up here.

Recently Hollyweird as an innately ideal money laundering vehicle has been a fascinating concept...

Sports now...

Billions falling over a cliff in one big shebang...

If only they could pull this prank every year. Oh well there's already rigged boxing hooked straight into Vegas. High frequency trading running the Wall Street AI. And now I've heard "World Cup's" are all the rage...

It certainly isn't the athletes making much money. A few will get endorsements, and some go on to make some money off of it, but not the majority.

They have to support themselves AND pay for their training and compete in many places all over the world BEFORE they can be considered for the Olympics.

A LOT of people end up going broke and never get there (At least in the USA, whereas other countries actually have programs for people wanting to compete, and take care of their athletes.).

Kind'a mind-blowing, IMO, that Team USA is all an "I had to do it on my own, for the glory of my country". Rather sad to consider.

So, as I said, it's not the Athlete's making any of it.

Granted, I'll take the Olympics over a war any day.

a reply to: Kandinsky

Could it possibly be about politicians looking important and businesses making millions? It's short-termism and apparently a woeful long term investment for the tax payers and nation.

I'm pretty sure it's dick waving. If hosting the Olympics puts your country in more debt, there is no point, and you shouldn't feel any pride.

Seriously, let's have this World unity kind of thing, but screw over the locals, waste untold millions on BS theatrics to make our city/country look good while people are starving... I don't have a lot of respect for the Olympics. The athletes? Of course I do. The politics and waste? None at all. I don't think the profit from the Olympics, or advertisement for the locale cover the costs.

a reply to: Domo1

I'm pretty sure it's dick waving.

Straight to the point.

a reply to: abe froman

Russia lost millions and millions of Rubles while the corruption and graft was off the charts.

So did the city of Rio De Janeiro. The super structure arena and olympic village is fallow, decaying, unused.

What a waste...

Well , Olympics didn't use to be costly, just celebratory. A time for nations to put aside differences and come together. Now peace is been taken from the world, and every nation is been given a sword instead.

Beside the UN, one of the last bastions of peace making instead of war mongering.

Here lies peaceful pursuit, Hatred killed it.

a reply to: abe froman

Thats their problem having an elaborate event,spending money on new structures etc,do others host olympics with the thought of making a profit?when the country itself could barely afford to host,Olympics should be each country paying it's own way,not an excuse to waste tax dollars

a reply to: intrptr

Don't forget Greece. They held the Summer Olympics in 2004, then had that massive financial crisis & EU bailout in 2010. Here are 2 article from 2014 that show the decay of those Olympic venues (both have a lot of pictures).

The new ruins of Athens: Rusting and decaying 10 years on, how Greece's Olympics turned into a £7 BILLION white elephant

Abandoned Athens Olympic 2004 venues, 10 years on – in pictures

a reply to: abe froman

This is why nobody want to touch the summer or winter Olympics with a ten foot pole.

Over the years the number of bidders has drastically declined, hell apparently Australia only had one contender to host the Commonwealth games. Why? because hosting events like these is a fiscal nightmare. You can't spend billions of dollars on facilities within a limited time span and expect the two weeks of competition to make up for that expense. There are more support staff and coaches in the stands then spectators, and the broadcasters get the moneybags-not the country.

If i was the head honcho of the IOC I would stick with the big four-London, Paris, New York, and Sydney-these cities have established and well maintained stadiums, unlike Rio where the stadiums were a rushed clusterfudge of poor design and looked downright dangerous.