Talk about the next Olympic destination often bring a spur of national pride with the promise of reaping sizable gains for the local and national economy through tourism and marketing.
As Yahoo! Sports reports, the best-case scenario brings a proverbial “way to go, slugger.” However, on the flip side, host cities could also being the eternal butt of jokes.
Either way, host nations can spend decades dragging themselves out of debt.
For example, Montreal lost nearly a billion dollars hosting the 1976 games, and it took nearly 30 years to pay off the debt. Nagano, Japan, hosted the Olympics in 1998 and still haven’t paid off its debt in its entirety.
“While sports boosters routinely claim large benefits from hosting mega events, the overwhelming majority of independent academic studies of these events have shown that their economic impact appears to be limited,” Victor Matheson, a professor of economics at College of the Holy Cross, wrote in a paper on the topic in this article from WQAD News 8.
So far, city after city have decline the so-called “honor” to hosting the games.
The only two cities still in the running for the 2022 Winter Games are Almaty, Kazakhstan and Beijing, China.