ASHLEIGH FURLANETTO GBS JUNE 19 TH, 2014 How Does a City Prepare for the Olympics? What Kind of Impact Does it Have on Business?

How Location is Chosen for the Olympics Every 2 years cities around the world make a bid to the International Olympic Commission (IOC) Then for 10 months the IOC investigates the city

The Investigation City must prove it’s big enough to handle the Olympics City needs to convince residents that expenses of covering the Olympics are worth it  May be covered by raising taxes City needs to maintain highly positive media exposure to carry the games

The 7 Hurdles Cost overruns Future use of Sporting Venues Transformation of Olympic housing to public housing Security Issues Impacts on Tourism Marketing Merchandise

7 Years of Preparation Raised expectations Hidden costs and agendas Unexpected external crisis Negative publicity Dealing with the problems Demolition Construction Finding workers and volunteers

Building of Olympics in London

Types of Impact Alternation in design of City  Physical changes Representation of a city, country, and its culture Improvements in air and road Increased cost of living and taxes Changes in Government and public decision making Potential for Protest Involvement of community as volunteers and torch- bearers

Impact on Businesses Damages economy Creates temporary jobs Small businesses suffer severely Deliveries are restricted Road networks are disrupted Because of pre-planning business went down when people were told to avoid places where Olympics were being held

Money Spent on Olympics Sydney 2000: estimated to cost about $978 million Athens 2004: estimated to cost about $11 billion Beijing 2008: estimated to cost about $43 billion London 2012: estimated to cost about $15 billion Sochi 2014: estimated to cost about $51 billion

Random Facts It took Montreal nearly 30 years to pay off the $2.7 billion it owed after the 1976 Summer Games Los Angeles made $200 million profit because they already had stadiums built The 5 Olympic Rings stand for Africa, the Americas, Asia, Europe and Oceana Every national flag has one of the 5 colors in it; blue, yellow, green and red A typical host city directly budgets $1.5 billion for Winter Games and $3 billion for Summer Games  This obviously is not the end results

References es/backyard.htm es/backyard.htm seven-years-of-preparation/100675/ seven-years-of-preparation/100675/ 8/how-much-will-the-london-olympics-cost-too- much/ 8/how-much-will-the-london-olympics-cost-too- much/ olympics_cx_tvr_0208olympiccity.html olympics_cx_tvr_0208olympiccity.html