[2019 Gwangju World Aquatics Championships Review] Proving a 'Low-Cost, High-Efficiency' Event
[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] The Organizing Committee of the 2019 Gwangju World Swimming Championships announced on the 16th that it achieved a surplus of 15.9 billion KRW in the final settlement of the event's operating expenses.
The total project cost of the event, including facility expenses (203.6 billion KRW), was only 5% compared to the Pyeongchang Winter Olympics (4.2853 trillion KRW) and 11% compared to the Incheon Asian Games (2.0376 trillion KRW).
Accordingly, the Organizing Committee and Gwangju Metropolitan City set a strategy of hosting a "low-cost, high-efficiency event" from the basic preparation stage, using the swimming pool built for the 2015 Gwangju Summer Universiade as the main stadium and installing a high diving venue as a temporary facility on a school playground, minimizing the construction of new venues.
Nevertheless, with top-level venues, an athletes' village, and stable event operations, the event received praise from the media and was highly acclaimed by FINA as the most successful championship in history.
In particular, referring to many cases where enormous finances were wasted on post-event venue maintenance, not only the construction costs but also future maintenance costs were completely eliminated.
Event materials and supplies were rented and utilized, and self-generated revenues such as corporate sponsorships, ticket sales, and participant registration fees were secured beyond expectations.
The Organizing Committee conducted an accounting audit of the event operating expenses at the end of May.
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As a result, actual revenues totaled 136.7 billion KRW, including subsidies of 80 billion KRW (national funds 29.9 billion KRW, city funds 50.1 billion KRW) and other income of 56.7 billion KRW, while expenditures were 120.8 billion KRW, resulting in a surplus balance of 15.9 billion KRW, reaffirming that the event was financially successful.
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