Reuters News Agency’s Post

As the 2024 Paris Olympics conclude, it is an opportune time to reflect on the potential shifts in the landscape of Olympic hosting. Paris seems poised to set a new standard through innovative strategies aimed at sustainability and long-term partnerships, potentially alleviating financial burdens that have plagued past hosts. By engaging in meaningful collaborations with local communities, businesses, and organizations, the Olympics can contribute to broader social and economic development goals. The real test will come in the aftermath of the Games: whether Paris's legacy will inspire other cities to adopt similar sustainable practices or revert to the previous model of grand spectacles and financial strain. #sustainability #economics #olympics #ioc

Some interesting insights regarding the expected impact of the 2024 Summer Games in Paris on Local Transport in the France and the UK:

PARIS 2024 & LOS ANGELES 2028: HOW MUCH? "Understanding the magnitude of cost overruns in relation to the original budget is crucial to assessing financial risk for prospective host cities. The Paris 2024 Games, for instance, have seen costs surge from EUR 3.6 billion to 8.8 billion. Similarly, Los Angeles 2028 has revised its forecast from USD 5.3 billion to 6.8 billion. These figures underscore the risks and challenges that host cities and national governments must foresee and manage." Read on here, in our brand new study, "The Oxford Olympics Study 2024: Are Cost and Cost Overrun at the Games Coming Down?" (free pdf): https://lnkd.in/ehZPNHvK Kindly help share. #Sports #Olympics #OlympicGames #TheGames #IOC #Paris2024 #LA2028

IS HOSTING THE OLYMPICS WORTHWHILE? Our CEO, Alexander Budzier, discussed this on the Meanwhile in Europe podcast, hosted by Vlad Iaviță, Charles Cohen, The European Correspondent. They discussed 🔹 Why do the Olympics have a history of such steep cost overruns? Half of all Games have a 100% cost increase or more! Infrastructure is one of the big drivers and most projects have some degree of flexibility with scope and time but the Olympics only has significant leeway on costs. 🔹 What is the long term impact of the Games? They have a long lasting tourist uplift to GDP and the most successful host nations use it to regenerate rundown areas. It also provides leverage to make substantial infrastructure investments. 🔹 What's the impact of reusing facilities for the Olympics?  People think there are big cost savings but this is not necessarily the case. It is worthwhile doing but more on sustainability grounds than for substantial savings. The Paris Olympics will provide a good opportunity to learn more about this. What questions do you have about the Paris Olympics as a project? Listen to the full episode here https://lnkd.in/dQHDxT8v and read the recent Olympics research from Alexander and Prof. Bent Flyvbjerg at https://lnkd.in/d5uW6pBH. #ParisOlympics #projectoverruns #Paris2024

Hosting the Summer Olympics has often resulted in significant financial burdens for many host cities. Key points include: - The 2024 Paris Games are adopting new financial strategies. - Emphasis is on fiscal responsibility and long-term partnerships. - Scholars and economists suggest structural reform and a permanent venue. - There is a goal to avoid cost overruns and unused facilities (“white elephants”). - Future host cities hope to focus on sustainability and economic success. Could these new strategies lead to a more financially viable model for hosting the Olympics? #sustainability #economics #olympics #ioc

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From March Madness to this summer’s Olympics in Paris, #AmericasExcellentInternet has allowed many people to watch their favorite sports from wherever they are. It's estimated that by 2025, the number of Americans who stream a sports event at least once a month will rise to 90 million! That is why stronger digital connectivity and reliable internet are more critical than ever for fans around the country to enjoy the sports they love. Read more on how #BroadbandTransforms sports: https://lnkd.in/g3zkTffx

A question of sport: whose government is about to upset their voters by committing to host the 2026 Commonwealth Games, and how many millions will the owners of the event invest in order to help mitigate/transfer the financial and reputational risks attached? Research suggests that the games generate money for the owners and host region, and are a great occasion for athletes, spectators, volunteers, sponsors etc, but they also require a lot of money to be spent on them (and the estimated costs are always lower than the actual costs). What if there were multiple hosts spread across the entire commonwealth, with sports taking place 24hours a day across multiple time zones? I will be visiting Glasgow in a couple of months to explore the long-term legacy of the 2014 Games and keen to hear from anyone involved and interested in sharing their memories of the event, including promises made prior to its arrival.

The Paris Olympics may have just ended, but in Los Angeles, preparations for the next Games are already well underway. City officials hope the event will be a moneymaker, like the last L.A. Olympics in 1984; skeptics caution that the Games often go wildly over budget, as with Tokyo in 2021 and Rio in 2016. Los Angeles is spending big to expand its rail system, overhaul its airport, and revitalize its convention center for 2028 — all pricey propositions. The city won't build an Olympic Village, though, saving billions by putting up athletes at U.C.L.A. dorms. The L.A. Games will use existing structures including the Coliseum and the Rose Bowl for events, in a bid to save cash. It's becoming more and more expensive to host the Olympics, experts say: In fact, the Paris Games are the first since Sydney in 2000 to come in under $10 billion total cost. The Paris Olympics were a massive success for NBCUniversal, with streaming viewership minutes quadrupling from the 2021 Tokyo Games.

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