Researchers have known for years that hosting large sporting events like the Olympics always costs more than expected and always yields less revenue and useful long-term infrastructure than estimated. Now voters and politicians in democratically elected countries are starting to realize the same thing.
Potential host cities are dropping out of the bidding process for the 2022 Winter Olympics like crazy. — Business Insider
Former Mayor Michael R. Bloomberg’s vision of new sporting venues across the boroughs fizzled, and New York lost its bid for the 2012 Summer Olympics. But what if the city had tried to get the Winter Olympics instead? It would probably take more hubris than even this city can muster, but the exercise provides some telling measures of scale. — nytimes.com
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