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Show Notes
Governments frequently argue that hosting the Olympics boosts the local food, beverage, hospitality, and tourism industries both during and after the event. They claim the increased global exposure from hosting will benefit these industries for years.
But security concerns, climate events, protests, and unforeseen issues add to the costs. All levels of government must ensure the event runs smoothly, bearing the costs of any overruns or unexpected expenses.
The situation in Canada mirrors this.
Toronto’s estimated costs for hosting the World Cup have skyrocketed from $30-$45 million to $380 million. Vancouver’s costs have similarly increased from $230 million to $580 million, with further increases likely as the event approaches.
Guest: Moshe Lander, Sports Economist and Senior Lecturer at Concordia University
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