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I’ve heard that cities that host olympics fall into debt and it takes years for them to finish paying back everything. How is this so and can anyone give me an example?
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I wouldn’t think so, no. The Olympics cost a lot to host, but I’d think it would actual cause a boom in the local economy, due to how many spectators visit from other countries and spend their money there. The economy is stimulated by cash flow in general, and it is greatly assisted if the cash flowing is more inflow than outflow (i.e. they’re getting money that earned in other countries, and therefore are getting a net gain in total capital circulating in their economy).
It is true that in the short term many cities loose money from hosting the Olympics. However over time that money is recouped from the increased tourism that last long after the Olympic games are over. I recently read that Sydney 2000 Olympic games, just finally got out of debt.
Some cities suffer and some gain from it. All depend on the organizers.
Like Montreal, Canada fall in to debt for 30 years. And some cities gained profits.
ex-Los Angeles in1984
And there are lot of indirect advantages from hosting an Olympic.