The Olympics is by far the most expensive sporting event on Earth. Hosting them can be economically crippling
Sprinklers still keep the grass at Greece’s Olympic softball stadium green. But four years after the 2004 Games, it sits unused in the middle of a vast, empty parking lot, patrolled by police vehicles…. Many of the venues are still vacant four years later, promised parks never materialized, and new transportation infrastructure has caused problems like flooding and increased traffic, says Mr. Efthimiou. Citizens question the event’s $15 billion price tag most of it paid for by the state.
Greece spent NZD$25 billion (6% of its GDP) on the Olympics. It had to borrow that money. All that debt helped in no small measure to push Greek government debt to its disastrous heights.
“The Games cost too much money, and they destroy the environment,” [Tokyo] Assemblywoman Yoshiko Fukushi told The Associated Press. “Maybe there was meaning back in 1964 (when Tokyo last hosted the Games), when the economic effects were positive.”
Now, desperate to gain some traction in his failing campaign, John Banks has floated
the idea of Auckland hosting the Games in 2020. Current minimum estimates for the cost are $18 billion, that’s 10% of our GDP. It’s just too expensive. Hell, Auckland had to withdraw its bid for the Commonwealth
Games in 2018 because it couldn’t afford the infrastructure. The Olympics is a black-hole for money that this country cannot afford. That Banks would suggest this nonsense shows how all at sea his campaign is.