The Olympic Hosting Race Is a Thing of the Past... Skepticism Grows Over Deficit Olympics

[Image source=AP Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] After the closing of the Tokyo Olympics, skepticism is pouring in regarding the current method of hosting the Games by touring major cities around the world.

Despite astronomical financial investments, the effects remain unclear, and with technological advancements allowing viewers to watch from home, the competition to host is no longer what it used to be.

According to the Washington Post (WP) on the 8th (local time), the Tokyo Olympics, held amid the COVID-19 emergency, initially had an expected budget of $7.4 billion, but actual spending rose to $15.04 billion (17.236 trillion KRW).

However, this figure does not include the budget spent on major facility construction before the Olympics began.

Regardless of the actual budget, WP pointed out that too much money has been invested in hosting the Olympics over the past several decades.

Another issue raised was the International Olympic Committee's (IOC) secrecy regarding candidate cities bidding to host the Olympics.

Andrew Zimbalist, a professor at Smith College and author of a book on the IOC's Olympic bidding competition, said, "The number of countries wanting to host the Olympics has steadily decreased over the past 20 years," adding, "The supply and demand situation has changed."

Although Brisbane, Australia, has been confirmed as the host city for the 2032 Olympics, it is unclear which countries expressed interest but were ultimately rejected.

[Image source=AP Yonhap News]

There is no longer a fierce competition to host the Olympics as in the past. This means countries are reluctant to host an event that dazzles for three weeks and then disappears.

In fact, the host city for the 2030 Winter Olympics has yet to be decided.

When selecting the host for the Beijing Winter Olympics next year, six countries initially showed interest, but only two?Almaty, Kazakhstan, and Beijing, China?remained in the end.

Notably, the recent Tokyo Olympics were held without spectators due to COVID-19.

While the IOC may want to ignore this, there are criticisms questioning the necessity of changing the host city to operate the Games when all events are broadcast on TV.

Although the IOC likely improved its finances through broadcasting rights fees, the Japanese public is burdened with enormous expenses through taxes.

Moreover, foreign visitors did not receive the same warm welcome from Tokyo citizens as before. Instead, WP pointed out that there was a sense of distrust and silence, as people worried about the influx of new virus variants.

In the past, changing host cities to allow people worldwide to watch the Olympics in person was necessary, but now there is no such reason.

The Olympic spirit of global unity has effectively become meaningless.

Because of this, there are criticisms suggesting that the Olympics should be held continuously in one city and not be advertised as a sports festival. The reality is that hosting the Olympics serves as a pretext for various construction projects rather than for the athletes.

However, IOC President Thomas Bach offered a different assessment. He said, "In these difficult times, the athletes have given the most precious gift of hope," and praised, "For the first time since the COVID-19 crisis, the whole world gathered, and billions shared moments of joy and glory."

This content was produced with the assistance of AI translation services.