Urban Land Institute’s Post

As you sit in your home watching the amazing talent of the #Olympic athletes, have you thought about how much it costs the host city to bring this level of entertainment into your living room? Hosting the Olympics may involve staggering costs, including infrastructure development, security, and operational expenses, which can run into billions of dollars. Los Angeles has been the only Olympic host city to turn a profit, finishing with a $215 million operating surplus. Despite the price tag, the long-term economic impact can be unpredictable, with benefits varying widely depending on the host city’s ability to leverage the event for sustained growth and #tourism.

The city of #LosAngeles will host the Olympic Games for a third time in July 2028, after holding the events in 1932 and 1984. LA Mayor Karen Bass has announced that the #2028Olympics will be a car-free, transit-first event. Hopefully, the challenges, opportunities, and lessons from the Paris Olympics can be translated to the LA context and turn the coming #OlympicGames into a transformative force for the region's long-term, sustainable, and inclusive economic development. A #green, #car-free, #transit-first Olympics Games can catalyze a long-term trend to broader #sustainabletransportation options for the region. https://lnkd.in/gr_5zwtk

Are you also the one asking how much it costs to organise a mega event like the Olympics? Know the complete cost structure and short and long term earnings/ benefits from the event. Read #olympics #parisolympics https://lnkd.in/gXDfhhZa

The 2024 Summer Olympics are officially here! 🌎🏅As athletes from around the world come together to compete, it’s fascinating to consider the massive economic impact on the host city. Check out this article to learn how cities prepare financially and the impact on their economies. #2024Olympics #USA

The Olympics Ledger: A Balancing Act of Cost, Profit, and Legacy🏅 The Olympics are a spectacle like no other, capturing the world's attention and showcasing the pinnacle of human athleticism. But beneath the inspiring stories and dazzling displays lies a complex financial reality – one that involves massive investments, potential profits, and the long-term legacy for host cities. The Price of Hosting Hosting the Olympics comes with a hefty price tag. Constructing state-of-the-art stadiums, athletes' villages, and transportation infrastructure requires billions of dollars. Security measures, marketing campaigns, and operational costs further add to the expenses. While revenue streams like ticket sales, sponsorships, and broadcasting rights can offset some of these costs, it's not always a guarantee of profit. Profit vs. Loss The financial outcomes of hosting the Olympics can vary significantly.Profitability is not guaranteed. While some games, like London 2012, have managed to break even or even turn a profit, others have resulted in significant financial losses. The financial outcomes are influenced by various factors, including infrastructure development, tourism revenue, and unforeseen circumstances like the pandemic in the case of Tokyo 2020. The long-term impact of the games extends beyond immediate profit/loss figures. Hosting the Olympics can boost a city's infrastructure, tourism industry, and global reputation, offering benefits that may not be immediately quantifiable. The True Legacy The value of the Olympics often lies beyond the immediate balance sheet. The games can leave a lasting legacy for host cities through improved infrastructure, increased tourism, and heightened global visibility. However, it's crucial to weigh these potential benefits against the financial risks and ensure sustainable planning for the long term. As we look forward to the Paris 2024 Olympics, the financial aspect remains crucial. Striking a balance between investment and potential returns is essential. The focus should be on creating a sustainable model that maximizes long-term benefits for the host city and its residents while minimizing financial risks. The true value of the Olympics lies in inspiring a generation, fostering global unity, and showcasing the best of human potential. Source: https://lnkd.in/dbzZWwtv #Olympics #Cost #Profit #Legacy #SportsBusiness #Sustainability 

When I look at the emerging plans for Brisbane 2032 a focus for renewal appears to be missing from its Legacy plans, yet there is still lots of development on the cards. As the The New York Times article mentions, in Paris they are concentrating investment in Seine-Saint-Denis which is one of the poorest parts of France. In London this was east London.  In contrast in Brisbane it’s Northshore Hamilton and South Brisbane. Arguably these are places with good access to jobs, transport and where plenty of ‘urban renewal’ has already happened. We wrote about this last year, but a better approach before locking in the development could be to determine where the need is and a better understanding of what would make a good legacy for those who would benefit most. Brisbane could also reinvent the Olympic Legacy, with non development-led ideas including some of those we mentioned from London.

Paris Olympics: A Budgetary Masterclass The Paris Olympics is turning heads, but not just for the athletic feats!🏆 It's remarkable how this event has managed to stay remarkably close to its initial budget. In an era where mega-projects often spiral out of control, this is a testament to exceptional financial planning and execution. S&P Global Ratings estimates that spending for the 2024 Summer Olympics in Paris will not exceed $10 billion, or roughly deviate by 25% from the original budget. The research noted that, in comparison, the 2020 Games in Tokyo and the 2016 Games in Rio de Janeiro had budgets that were over 350% and 280%, respectively, overrun. Who says big events can't be managed responsibly? Paris 2024 is proving that with the right strategies, it's possible to deliver a world-class event without breaking the bank. #ParisOlympics #Budgeting #SportsBusiness #Paris2024

Reflecting on the inclusion of breakdancing at the Paris 2024 Olympics, I recognize a missed opportunity to explore its profound roots in Hip Hop and the vibrant Black and Brown cultures it originated from. Born over 50 years ago in the Bronx, New York, breakdancing isn’t just a display of athletic skill but a critical piece of Hip Hop history that has endured. This moment could have served as a critical reflection point for companies and organizations to assess their approaches to diversity, equity, and inclusion. Often, opportunities to genuinely engage with and represent diverse cultures are overlooked, which can lead to a lack of true representation and appreciation of cultural depth in corporate and public initiatives. Regrettably, this dynamic competition will not continue in future Olympics, despite its immense potential to deepen the appreciation of Hip Hop's global influence and the multifaceted cultural contributions stemming from it. This oversight teaches us all the importance of capturing both the athletic artistry and the rich historical narrative, ensuring that the stories told are as nuanced and vibrant as the performances themselves. I hope that this serves as a wake-up call for governing bodies and media outlets like NBC to honor the athletes, dancers, and pioneers who have shaped this art form more effectively. Moreover, this situation should prompt companies and other organizations to reconsider how overlooking their DEI initiatives can lead to missed opportunities. Let's advocate for more inclusive representation in future global sports events, ensuring that the narratives reflect the rich cultural diversity of the sports and arts showcase. #DEI #InclusionMatters #EquityInAction #DiversityAndInclusion #CulturalDiversity #Breakdancing #Olympics2024 #CulturalHeritage #HipHopHistory https://lnkd.in/gU99MCCD

With the recent news of Salt Lake City's successful bid for the 2034 Winter Olympics, Utah joins northern Italy as the second region to play host twice in the 21st century (SLC 2002 and 2034, Torino/Milano-Cortina 2006 and 2026). The parallels, I think, will be interesting to compare in years to come. Both initial games (as well as Milan's EXPO 2015) are often held up as among the more successful mega-events of the modern era, paying off in terms of immediate economics, destination branding, and catalyzing innovation. With the IOC Agenda 2020 parameters establishing new host evaluation metrics moving forward, these cities will be among the first to test this novel, sustainability-first model being pushed. Already there are some clear overlaps (re-using of infrastructure) and divergences (SLC's densely-contained games vs. Milano-Cortina's wide-spread setting). They should be important case studies. Looking forward to following along with their respective identities as details continue to solidify...

Hunden Partners names top ten sports host cities, calling out Atlanta, Indianapolis and New York City as top sports host destinations. Hundreds of cities bid on thousands of sporting events every year, from large youth sports tournaments up to the Super Bowl. Why are some more successful than others in consistently landing large, high-profile annual sports events? What drives them and what are their secrets to success? Hunden Partners assessed the host locations of the top rotating U.S. sporting events, as well as the Olympics when hosted domestically, to determine what cities hosted more high-profile events over a 30-year period from 1997 - 2028. Read more: https://lnkd.in/gpMku5RK #HundenPartners #SportsHostCities #SportsDevelopment