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Nov 12 2008 5:42pm EDT
Who Needs the Olympics?
More evidence that hosting the Olympics is a net-loser for cities, from a new working paper by Robert Baade of Lake Forest College and Robert Baumann and Victor Matheson of Holy Cross:
This paper provides an empirical examination of the 2002 Winter Olympic Games in Salt Lake City, Utah. Our analysis of taxable sales in the counties in which Olympic events took place finds that some sectors such as hotels and restaurants prospered while other retailers such as general merchandisers and department stores suffered. Overall the gains in the hospitality industry are lower than the losses experienced by other sectors in the economy. Given the experience of Utah, potential Olympic hosts should exercise caution before proceeding down the slippery slope of bidding for this event.
