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God Bless the IOC

I breathed a huge sigh of relief as London was announced as the host city for the 2012 Olympics. My interest in having the Olympics stay away from New York is about more than my not wanting even more tourists clogging up the subway. I wonder if the Olympics can be truly profitable? Tourists pour into the city, and then what? How do we reap long term rewards of such a speculative risky investment?

Politicians promise that the Olympics pay for themselves but in recent years its been a tossup. The 2004 summer games were less than ideal for the Greek people, bad publicity and terrorism fears kept many tourists away, and security costs were in excess of $ 2 billion. Montreal is still paying for their stadium built for the 1976 games. It’s not all increased revenue and
The Olympics are huge gamble for a debt ridden city that already has problems paying for its security. I don’t know if London is in a better position to host the 30th Olympiad but they’re welcome to it.

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