The anouncement that Rio de Janiero would host the 2016 Olympics led to a discussion about the experience of past winners. I thought they all lost money. A friend thought Los Angeles was the only exception. Can you clarify this?
-- William Clark, of Belleville
A. Whoever said figures don't lie but liars sure can figure could have been thinking about the balance sheet for the Olympic games.
Late last spring, you may be surprised to learn, the Chinese government said its 2008 summer games turned a profit of $176 million. It said it spent about $2.8 billion on equipment, accommodations, those eye-popping opening ceremonies, etc., but earned about $3 billion in broadcasting rights, ticket sales, souvenirs and the like.
The trouble is the Chinese did not include the $3 billion they spent on the Bird's Nest stadium and other venues or an estimated $35 billion for related improvements, such as four new subway lines and the world's largest airport terminal.
Granted, that new infrastructure still can be used, but if you're looking for complete profit-loss figures, the Olympics has always been a losing proposition, financial experts say.
-- William Clark, of Belleville
A. Whoever said figures don't lie but liars sure can figure could have been thinking about the balance sheet for the Olympic games.
Late last spring, you may be surprised to learn, the Chinese government said its 2008 summer games turned a profit of $176 million. It said it spent about $2.8 billion on equipment, accommodations, those eye-popping opening ceremonies, etc., but earned about $3 billion in broadcasting rights, ticket sales, souvenirs and the like.
The trouble is the Chinese did not include the $3 billion they spent on the Bird's Nest stadium and other venues or an estimated $35 billion for related improvements, such as four new subway lines and the world's largest airport terminal.
Granted, that new infrastructure still can be used, but if you're looking for complete profit-loss figures, the Olympics has always been a losing proposition, financial experts say.
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