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ippy
Joined: 25 Aug 2009
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Posted: Fri Jul 08, 2011 8:08 pm Post subject: |
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I used to live in Nagano. Its a nice place, and its somewhat proud of the fact that it was the host area to the 1998 winter olympics. I mean it honestly should be, it has some great resorts in and around the area (shiga kogen, hakuba, myoko, nozawa, kita-shiga, madarao, and loads of other smaller areas).
But a few things struck me about the area.
The first is the lack of young people. The city, if anything has contracted since the olympics as young people immediately leave for opportunities in tokyo or kansai. I was reliably informed that they all come scurrying back in the winter season, but the rest of teh year its pretty much under 17 and over 40s. Im not just exaggerating, as i say i did live there, and it was noticeable.
Of course, this isnt unique to nagano, it happens not only all over japan, but all over the world (kids leaving for tokyo, just as they leave for seoul or london). What i am suggesting though is that the winter olympics was pretty mcuh irrelevant in the grand cosmic scheme of things. The city always felt very much like it got murdered by the bubble.
You have on the one hand the absolutely STUNNING zenkoji temple around which the city lives and breathes, and then on the other hand you have half empty departo, a snack bar district taking up way more of the very small downtown than it has any right to take up, an indoor shopping area full of the kind of mom and pop stores youd find in korea (no offence korea), and an incredibly small (for a japanese city) international presence in the form of retail chains.
Compared to hamamatsu (where i lived prior to nagano, which is a bustling and vibrant city about 4 times smaller in population, but has much more going on), its pretty evident that nagano was at some point in teh very recent past a city stretched far beyond its own natural limits.
Of course now its found a kind of stable equilibrium (or at least it had in 2008/9 when i lived there (and seemed a bit more fun in 2011 when i visited it again for a couple of nights - but that was mid winter season when 'everyone comes back'). But it feels like its keeping its head just above water and waiting for a rescue rather than capable of progressing on its own.
I honestly have no idea what happened, i dont know if nagano was always on a downward trajectory even before the winter olympics came or whether the draw of bigger cities as the "only place for real opportunity" was actually that big a deal. Im only going by what i personally felt about the place just from ambling around it and comparing it to the other places i lived and visited in Japan.
Its quite a beatiful region and if i had the opportunity to go back there (one i'll probably make for myself in march next year), id do it in a second. I genuinely love it, but the fact is this: i dont know how much the olympics hurt the economy of nagano, but ten years on it doesnt seem to have helped it all that much.
Oh, and about those olympics.
Heres the podium. It was probably set up as a tribute to the olympics after the event to be looked after and cherished. But although nagano people are proud as hell to have been the hosts of it, well, i think the picture speaks for itself.
http://i52.tinypic.com/33c17bq.jpg
Oh that reminds me! Yudanaka (i stayed there this year when i went to shiga kogen).
Host resort town for the olympic village. Looks like any other semi run-down onsen village in japan. Lots of half empty hotels and the big money comes from the snow monkeys as far as foreign tourists go. There's a few olympics memorabilia in the area, but lifes gone very much back to normal. And normal is pretty much every other small town orbiting nagano city (i lived in one of them). Again, you wouldnt know an international event even come to the area. Aside a couple of bigish hotels (and we arent talking hilton here - we're talking big motels like you get in korea), it looks like it looked in teh photos from 40 or 50 years ago. Probably deliberate, but still if theres been a flood of money and redevelopment here, its hard to know exactly where it went. |
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david218533
Joined: 02 Jun 2009
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Posted: Fri Jul 08, 2011 10:16 pm Post subject: |
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I totally agree with what "ippy" said.. Olympics doesn't help the growth of the HOST city.
What the olympics brings is DEBT and white elephants... As I posted in another threads on Dave's... Olympics is a massive SCAM!
If you look at ALL past olympic games, the cities that have held it are in DEBT, after borrowing heavily to finance it.. After the very short 2 week event, the venues are left to ROT.. Just google Beijing, Athens, Vancouver and even Sydney Olympic DEBT and white elephants. You will see all the empty and abandoned venues that took MILLIONS to build..
ALL the news reports are saying "THIS is going to bring $$$$$$ for Korea = Tourist and Foreign Investment" But, that's what all the other previous Host city said, just look at Vancouver, the taxpayers had to foot a bill of $875,000,000 to cover the budget blowout... This is what happens at every Olympic event, massive blowouts in cost and budgets.
Daegu has the biggest stadium in Korea, with a seating of over 65,000. Guess what, in the IOC CONTRACT, host nations are demanded to build a 80,000 to 110,000 seat stadium to house the opening and closing ceremony.. What is the city of Pyeongchang going to do with stadium that size after the olynpics?? Hold Rain or Wondergirls concerts?
I really love sports and like watching them, I was even a volunteer helper at the Sydney 2000 games and like going to see the Korean Baseball... I just don't see the cost out weighing the benefits... I love Korea, and that's why I'm still living here... Korea probably had the right to win this bid, after plowing billons of won to win over the IOC committee.
The only people that are truly happy right now are the construction companies because they are laughing all the way to the bank... At the end of the games, who is going to fork out the bill >>> Taxpayers... NOT one olympic host nation has ever come out of holding an event like this in the black $$$. |
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Stout
Joined: 28 May 2011
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Posted: Fri Jul 08, 2011 10:33 pm Post subject: |
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| david218533 wrote: |
I totally agree with what "ippy" said.. Olympics doesn't help the growth of the HOST city.
What the olympics brings is DEBT and white elephants... As I posted in another threads on Dave's... Olympics is a massive SCAM!
If you look at ALL past olympic games, the cities that have held it are in DEBT, after borrowing heavily to finance it.. After the very short 2 week event, the venues are left to ROT.. Just google Beijing, Athens, Vancouver and even Sydney Olympic DEBT and white elephants. You will see all the empty and abandoned venues that took MILLIONS to build..
ALL the news reports are saying "THIS is going to bring $$$$$$ for Korea = Tourist and Foreign Investment" But, that's what all the other previous Host city said, just look at Vancouver, the taxpayers had to foot a bill of $875,000,000 to cover the budget blowout... This is what happens at every Olympic event, massive blowouts in cost and budgets.
Daegu has the biggest stadium in Korea, with a seating of over 65,000. Guess what, in the IOC CONTRACT, host nations are demanded to build a 80,000 to 110,000 seat stadium to house the opening and closing ceremony.. What is the city of Pyeongchang going to do with stadium that size after the olynpics?? Hold Rain or Wondergirls concerts?
I really love sports and like watching them, I was even a volunteer helper at the Sydney 2000 games and like going to see the Korean Baseball... I just don't see the cost out weighing the benefits... I love Korea, and that's why I'm still living here... Korea probably had the right to win this bid, after plowing billons of won to win over the IOC committee.
The only people that are truly happy right now are the construction companies because they are laughing all the way to the bank... At the end of the games, who is going to fork out the bill >>> Taxpayers... NOT one olympic host nation has ever come out of holding an event like this in the black $$$. |
On mark with this, the only people who do well are those connected to the construction industry and those directing the project, who conveniently happen to be in gov't and big industry, i.e. ch'aebol (what a surprise). The former governor of Kangwon cried in front of the IOC during his presentation because he knew his ass was on the line if he blew it again for the third time, and also realized how well he'd make out if he and his cronies landed the event. Well, well, normal citizens taken for a ride again, let's throw on some K-pop (the soundtrack for corporate winning), and...CONGRATULATIONS, KOREA  |
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rkc76sf
Joined: 02 Nov 2008
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Posted: Sat Jul 09, 2011 1:48 am Post subject: |
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| david218533 wrote: |
| If you look at ALL past olympic games, the cities that have held it are in DEBT, after borrowing heavily to finance it...."THIS is going to bring $$$$$$ for Korea = Tourist and Foreign Investment" . |
I don't know about ALL past Olympics, I was watching TV around the time of the Beijing Olympics and the commentators mentioned how it can be either a golden egg or a bust, depending.
Of course the Koreans are happy to host the Olympics, but not many are talking about the cost and if they can even break even. Good luck.
People are talking about if this is finally going to bring Korea international exposure, as if the 88 Olympics or the 2002 World Cup didn't already do so? The world thinks what it thinks of Korea and it doesn't matter how many international events they host as long as North Korea's negativity continues to overshadow everything positive South Korea does. |
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david218533
Joined: 02 Jun 2009
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Posted: Sat Jul 09, 2011 2:57 am Post subject: |
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what "rkc76sf" said about not all olympics made host nations go into debt was true. Beijing was the only example of a nation that didn't have to go into debt to hold the games, as it only spent $45 billion (pocket change) to hold the 08 games, but that was because of it's supersized robust ecomony and millions of underpaid workers, they were able to achieve that goal.
What my main point was: what do countries do AFTER the games are over, all the venues are usually abandoned and unused, which cost the taxpayer millions of dollars.. "White elephants"
All that money used with no plan to use the venues for future events.
This event might bring Korea into the world media spotlight, but after the games end and all the tourist/ media have departed.. The one thing left for us to do is to pay the bill... That is something I don't want for All Koreans to have suffer through increased taxes.... just so we can put on a expensive 2 week show for the world...
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PastorYoon

Joined: 25 Jun 2010 Location: Sea of Japan
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Posted: Sat Jul 09, 2011 3:21 am Post subject: |
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Can the committee still change their minds? In my opinion, the Olympics shouldn't be in Korea.  |
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marsavalanche

Joined: 27 Aug 2010 Location: where pretty lies perish
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Posted: Sat Jul 09, 2011 3:27 am Post subject: |
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| rkc76sf wrote: |
| david218533 wrote: |
| If you look at ALL past olympic games, the cities that have held it are in DEBT, after borrowing heavily to finance it...."THIS is going to bring $$$$$$ for Korea = Tourist and Foreign Investment" . |
I don't know about ALL past Olympics, I was watching TV around the time of the Beijing Olympics and the commentators mentioned how it can be either a golden egg or a bust, depending.
Of course the Koreans are happy to host the Olympics, but not many are talking about the cost and if they can even break even. Good luck.
People are talking about if this is finally going to bring Korea international exposure, as if the 88 Olympics or the 2002 World Cup didn't already do so? The world thinks what it thinks of Korea and it doesn't matter how many international events they host as long as North Korea's negativity continues to overshadow everything positive South Korea does. |
+1. All these wannabe Koreans seem to forget that Korea just hosted the world cup. Where is all of the money and popularity that was supposed to flood in (as a result of that)
lol |
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PatrickGHBusan
Joined: 24 Jun 2008 Location: Busan (1997-2008) Canada 2008 -
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Posted: Sat Jul 09, 2011 4:26 am Post subject: |
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| marsavalanche wrote: |
| rkc76sf wrote: |
| david218533 wrote: |
| If you look at ALL past olympic games, the cities that have held it are in DEBT, after borrowing heavily to finance it...."THIS is going to bring $$$$$$ for Korea = Tourist and Foreign Investment" . |
I don't know about ALL past Olympics, I was watching TV around the time of the Beijing Olympics and the commentators mentioned how it can be either a golden egg or a bust, depending.
Of course the Koreans are happy to host the Olympics, but not many are talking about the cost and if they can even break even. Good luck.
People are talking about if this is finally going to bring Korea international exposure, as if the 88 Olympics or the 2002 World Cup didn't already do so? The world thinks what it thinks of Korea and it doesn't matter how many international events they host as long as North Korea's negativity continues to overshadow everything positive South Korea does. |
+1. All these wannabe Koreans seem to forget that Korea just hosted the world cup. Where is all of the money and popularity that was supposed to flood in (as a result of that)
lol |
The WC was a tremendous boon to Korean companies and helped give their products exposure. U�nless you have not noticed, some Korean companies have been doing rather well on the international market (Samsung for example).
These events usually help a country with exposure but should not be looked at as event = immediate profit returns.
Korea does these things to further put itself on the map, the results vary.
Also and unless you live under a wet rock, K-pop and K-dramas are qute the rage in Asian countries (not a big fan myself but the popularity is there).
So for a small asian nation sandwiched between China and Japan, Korea has done reasonably well for themselves...congrats to them for hosting the 2018 winter games anyway. |
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Mr. BlackCat

Joined: 30 Nov 2005 Location: Insert witty remark HERE
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Posted: Sat Jul 09, 2011 11:24 am Post subject: |
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| Stout wrote: |
| david218533 wrote: |
I totally agree with what "ippy" said.. Olympics doesn't help the growth of the HOST city.
What the olympics brings is DEBT and white elephants... As I posted in another threads on Dave's... Olympics is a massive SCAM!
If you look at ALL past olympic games, the cities that have held it are in DEBT, after borrowing heavily to finance it.. After the very short 2 week event, the venues are left to ROT.. Just google Beijing, Athens, Vancouver and even Sydney Olympic DEBT and white elephants. You will see all the empty and abandoned venues that took MILLIONS to build..
ALL the news reports are saying "THIS is going to bring $$$$$$ for Korea = Tourist and Foreign Investment" But, that's what all the other previous Host city said, just look at Vancouver, the taxpayers had to foot a bill of $875,000,000 to cover the budget blowout... This is what happens at every Olympic event, massive blowouts in cost and budgets.
Daegu has the biggest stadium in Korea, with a seating of over 65,000. Guess what, in the IOC CONTRACT, host nations are demanded to build a 80,000 to 110,000 seat stadium to house the opening and closing ceremony.. What is the city of Pyeongchang going to do with stadium that size after the olynpics?? Hold Rain or Wondergirls concerts?
I really love sports and like watching them, I was even a volunteer helper at the Sydney 2000 games and like going to see the Korean Baseball... I just don't see the cost out weighing the benefits... I love Korea, and that's why I'm still living here... Korea probably had the right to win this bid, after plowing billons of won to win over the IOC committee.
The only people that are truly happy right now are the construction companies because they are laughing all the way to the bank... At the end of the games, who is going to fork out the bill >>> Taxpayers... NOT one olympic host nation has ever come out of holding an event like this in the black $$$. |
On mark with this, the only people who do well are those connected to the construction industry and those directing the project, who conveniently happen to be in gov't and big industry, i.e. ch'aebol (what a surprise). The former governor of Kangwon cried in front of the IOC during his presentation because he knew his ass was on the line if he blew it again for the third time, and also realized how well he'd make out if he and his cronies landed the event. Well, well, normal citizens taken for a ride again, let's throw on some K-pop (the soundtrack for corporate winning), and...CONGRATULATIONS, KOREA  |
Not quite correct. LA and Atlanta showed profits due to their heavy commericalization. Sydney was on the bubble which was probably burst due to the 9/11 related dive in tourism around the world. Barcelona ended up in the black, and Beijing's numbers, while unreliable, also show a tidy profit. As for the winter Olympics, many of the smaller European venues have fared well (Albertville, Lillehammer, etc), but Sochi will probably show a loss and Vancouver is still being calculated. Seoul also showed a nice profit, and their economy boomed 12% in 1988 as well. There are certainly problems and opportunitism around something as large as the Olympics, but it's just flat out incorrect to say they necessarily create debt. It depends on how the country executes the event and that's why it's better to keep an eye on it rather than throwing up your hands and declaring it a lost cause (which unfortunately has become fashionable).
Further, it's very short-sighted to see the Olympics as a two or three week deal and then it's done. Hosting such a large sporting event can leave a lasting legacy for the city and country, but it again depends on how it is executed. For example, the 76 Montreal Olympics were a debacle and did nothing but harm the city and province. However, the 88 Calgary games established a winter sports training program that we've seen come to fruition recently. It also helped establish the city as an economic centre in North America which we see today with many young Canadians flocking to the province (I'm not saying the Olympics did this alone, I'm saying it helped bring investment and infrastructure to the city). It's true that the Olympics can result in white elephants, but it can also cause the redevelopment of areas that would otherwise be ignored, it can speed up transit and other infrastructure development and it can provide sporting infrastructure that would never be available to the population otherwise.
Finally, it's funny that people will say the Olympics only help construction companies and the hospitality industry. Who do you think works in those industries? Robots? Hundreds of thousands of jobs may be created, and those people pay income tax and sales tax when they buy things, and other stores have to hire more people to sell those things to those people, and factories have to hire more people to make those things those stores sell to those people who have new jobs. These numbers are not taken into consideration when calculating profit for the Games, though. Future tourism is not taken into consideration for accounting, either. It's a 2 week wonderful commercial for your city, country and industry. Actually, it's a 7 year commercial if you do it right.
My point is, the Olympics aren't perfect and there is lots of corruption and opportunism around. But it's not this terrible travelling money burning circus nay-sayers make it out to be, either. When a city hosts a big concert, for example, the tax payers foot the bill for extra police, public transport, inconvenience to local businesses, etc. that the extra taxes won't cover completely. Yet I don't see these protesters saying we shouldn't hold concerts anymore. Yes, there are people on the streets and governments should be more proactive in social areas like that, too. But does that mean we can't have fun things until every bad thing is taken care of? Sorry, the Olympics aren't keeping children hungry and the mentally ill homeless. It's a tiny drop in the bucket compared to bloated 'defense' budgets, government corruption and mismanagement of public resources. You think if it wasn't for the Olympics all our social ills would suddenly be resolved? No, they'd probably find another country to invade to waste our money. Look for the real problems, don't try to make everyone give up the fun in the world. |
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david218533
Joined: 02 Jun 2009
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Posted: Sat Jul 09, 2011 2:36 pm Post subject: |
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Mr Black Cat, are you sure about those host nations you said that actually made into the black or made major improvement to the actual host city.
It's just not me or a small group of uneducated people that are saying the Olympics is a debt ridden event but also professors of economics..
"There has never been an Olympic Games that has made a profit," says Robert Barney, director of the International Centre for Olympic Studies at the University of Western Ontario. Barney
Have a look at this website to see if LA, Atlanta and Calgary actually made it into the black.. Mate have you noticed the state of LA and Atlanta economy these days??
"the 1988 Winter Olympics in Calgary in Alberta, Canada, and the 2002 Winter Olympics in Salt Lake City. Organizers of both games claimed multimillion-dollar surpluses, but neither included massive federal spending when adding up costs."
http://www.npr.org/templates/story/story.php?storyId=113351145
Mate, I'm all for fun and games, But while people were having "fun" during the 2008 Beijing Games, millions of displaced people were left homeless because of govt. "relocating" them to build these massive overbudgeted venues.. Now less now get into the environmental impact that the games has, Korea has already broken one of it's law to win this bid for the olympics, think "Pyeongchang greenbelt and nature reserves"... All this in the name of having "fun"
But hey, I guess I'm one of them too and after the Olympics in 2018 are over, I'll probably hit the ski resorts in Pyeongchang since it will probably be the best ski resort in Korea..
Yes, I know that this will employ thousands of people during the next few years and I'm not assuming that this will be done by robots, but what I'm saying is WHAT are they going to do after the olympics are over.. The track record isn't that good for host nations that able to reuse those vennues.
The reason why I get upset is because I been through the whole experience during the 2000 games in Sydney.. We were sooo happy to win the bid to host, we built huge and new infrasture but when your govt. start increase taxes to pay off this event, it makes you a little upset. That's what happened to the residents of Sydney, and we are still paying for this event 11 years down the track..
The question is: Will Korea do it right? They have 7 years to plan and prepare for this, but given my lack of faith in "people" in general and what I saw and experience at previous "world" events in Korea, I really begin to question the ability of the govt. to run this event. A couple of years down the track, the construction companies and the olympic dept. will start complaining that they have "underestimated" the cost and start asking the Korean govt. for a bailout.. Corruption and scandal is never far away when it comes to money. In the end the taxpayer is the one that has to fork it over... And I'm one of them... I'm all for this olympics creating jobs and helping a nation come together to build an event like the olympics... but at what cost... all to have abit of FUN! |
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hattub
Joined: 18 Mar 2008
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Posted: Sat Jul 09, 2011 3:45 pm Post subject: |
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For a country that is trying to grow the popularity of its winter sports programs this is great news. They will have all the facilities they need to help develop their athletes. Some people might think that's not important, but international results are definitely important to the Korean psyche. But of course this all costs money.
Other benefits will include the new KTX connecting Pyeongchang and Gangneung to Seoul. People from Seoul will be able to get to Alpensia ski resort in less than an hour, and in the summer get to the beaches in just over an hour. This should help increase tourism substantially.
Gangwondo is trying to promote itself as a tourist destination in north east Asia. They have already invested a lot of money into resorts, casinos, and infrastructure. The Olympics should go a long way in promoting the region and facilities they already have.
Living in Gangneung, and planning on being here long term. I'm pretty excited about the Olympics. Not very often the city you live in gets to host an event such as this. People in this area needed the boost. Now hopefully it translates to more people wanting to study English. |
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Mr. BlackCat

Joined: 30 Nov 2005 Location: Insert witty remark HERE
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Posted: Sat Jul 09, 2011 4:23 pm Post subject: |
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david:
Atlanta and LA most certainly gained profits and were criticized for being so commercial. Many others did to, but I guess it depends on who you read and what they consider to be profits. See, many nay-sayers (ie NPR) will take into consideration the whole cost of the event, from bid process to security to construction to medal production while only adding the revenue brought into the city during the 2-3 weeks the Olympics actually take place. That's a bit misleading in my opinion. It's like looking at how much you've spent on University, comparing it to the money earned within 1 year of graduating and declaring the whole process a failure. In my, and many economists', point of view you have to consider the employment and investment boom, the tourism before and after the games, the infrastructure and the sports legacy it leaves your country with.
This is not to say there have been Olympic disasters. I'm form Montreal, perhaps the biggest financial mess up in the Olympic history. My point is that the Olympics itself doesn't necessarily cause this sort of loss, it's how it's prepared. There have been success stories and profits so I think dismissing (or wholly ignoring) this fact hurts those that want to keep the Games responsible.
In recent decades, the Olympics have become so much more than just sports. It's a chance for the host country to showcase their culture, business, industry and tourism. After the Vancouver Olympics last year many Koreans told me they desperately wanted to visit BC after seeing those magical mountains for 2 weeks straight. This sort of thing is not calculated in the final total of the Olympics, which as I said is misleading. The Seoul 88 Olympics added it to the list of world class cities and you bet that influenced foreign investment, tourism and prestige to this day. Almost every host sees an increase in tourism for up to 5 years afterwards (Sydney being one exception due to the global downturn in tourism as I mentioned after 9/11). These hosts are added to annual world cup and other sporting events, bringing in more money down the line.
As for environmental concerns, I completely agree. Sochi, for example, has probably done alot of harm as far as I have read. But again, that isn't the event's fault, it's the organizers. Vancouver was a very green Olympics. Of course you can pick things apart, but every human action has environmental impact. Should we all stay at home in the dark?
Displacing people is also of concern. It's a major worry in Rio for 2016. But again, it's not like the Brazilian or Chinese government was handing out bread in these slums before the big bad Olympics came and told them to burn it all down. In fact, oftentimes the Olympics helps us focus on these problems in these countries and stops these governments from doing even worse things.
The PyeongChang Olympics might be a great thing or they might be terrible, or they might be in the middle. But to just assume that Olympics=disaster is closed minded and simply wrong. The Olympic Movement has done lots of good in many places, just as it has done lots of bad too. The funny thing in Vancouver 2010 was the people smashing the Bay's windows and complaining about Native rights all seemed to be white middle class kids. The Olympics are an easy target because it's sports and it's superficial. I say it's about way more than sport, and it can be successful if we make it stay responsible. |
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Captain Corea

Joined: 28 Feb 2005 Location: Seoul
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Posted: Sat Jul 09, 2011 4:47 pm Post subject: |
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| david218533 wrote: |
| If you look at ALL past olympic games, the cities that have held it are in DEBT, after borrowing heavily to finance it.. After the very short 2 week event, the venues are left to ROT.. Just google Beijing, Athens, Vancouver and even Sydney Olympic DEBT and white elephants. You will see all the empty and abandoned venues that took MILLIONS to build. |
I thought Calgary ended up decently off after their winter olympics.
| Quote: |
Organizers and government claimed that the Calgary Olympic Games turned a profit. They declared a surplus of between $90 and $150 million, and this money was used to fund the various Olympic venues in Calgary. Ever mindful of the financial disaster of the 1976 Summer Olympics, Calgary organizers attempted to be financially successful, because there was political pressure on them to erase the spectre of a second Canadian Games at a loss. Organizers claimed that their use of these profits for the future Canada Olympic Park and the funding of Canadian athletes through the Calgary Olympic Development Association (CODA) gave Calgary a lasting legacy and impact on the Canadian sports scene, and also provided funds for the maintenance and upgrading of athletic facilities in Calgary, Banff, and Lake Louise. Well after the Olympics ended, they declared, CODA continued to use its resources to develop resources for Olympic athletes in the city, which included supporting the National Sport School, Canada's first high school designed for Olympic calibre athletes, in a partnership with the Calgary Board of Education.
However, a widely cited 1993 audit and independent research conducted by The Toronto Star in 1999 showed that these financial figures were largely false.[3] When announcing these numbers, organizers had removed from their calculations $461 million in subsidies provided by federal, provincial and local governments used mainly for building the games venues. When these government investments were included in the balance sheets, the Calgary Olympics were reported to have produced a sizeable financial loss.
However, the games fuelled an endowment fund of $70.5 million that is now worth $185 million and continues to fund sport in a variety of ways. Additionally, the Calgary Olympic Committee (OCO) gave the Canadian Olympic Committee (COC) $40 million, which after investment is now worth $110 million; those funds assist the COC's $8 million annual contribution to national teams, coaches and athletes and permits its existence as a self-sustaining organization that does not rely on government funding.[4] |
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Speedling
Joined: 08 Jun 2011
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Posted: Sat Jul 09, 2011 8:59 pm Post subject: |
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| I'm looking forward to getting some skiing in this winter! Korea getting the olympic bid is re-assuring me that there must be some half decent slopes over here |
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mayorgc
Joined: 19 Oct 2008
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Posted: Sun Jul 10, 2011 6:41 pm Post subject: |
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I have a giant soft spot for Korea, but I sorta hate how Koreans act during International sporting events.
http://www.youtube.com/watch?v=TVDz3XfBQa8
1988 boxing brou ha ha
2002/2010 with James Hewish death threats
2006 with bomb threats to Swiss embassies |
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