After going on for about 12 centuries, they were banned in 393 AD only to be revived about 1,500 years later by Pierre de Coubertin as documented by the Olympic Movement (2014). Athens was chosen as the venue for…
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As such, examining the economic benefits of the 2012 London Olympics would be critical. It has become critical for nations to evaluate the benefits of Olympic Games at the early bidding stages, referred to as economic impact assessment by Oxford Economics (2012). This enlightens the host city on the economic benefits resulting from hosting these games and subsequently promotes the local context of bringing significant gains to the local economy. Indeed, it would be appreciated that the Olympics 2012 greatly benefited London’s tourism, labour market and retail economy.
To understand these economic benefits to London, it would be appropriate to consider the cost of hosting the Games. Every four years a city hosts the Olympics, massive sums of money would be spent on facilities, housing and maintenance and transport infrastructure. According to the Department for Culture, Media and Sport, DCMS (2012), the British government had set a budget of £9.325 billion for hosting the 2012 Olympic Games. Of this, £5.975 billion was to be sourced from the central government, £2.175 billion from the national lottery, £925 million from the Greater London Authority and £250 million from the London Development Agency. This was much higher than the £5.906 billion budget at the time of bidding. Core Olympic costs were to consume £3.081 billion including transport infrastructure, venue, programme management and site security. The other amount was to be shared among tax costs, policing and wider security and contingency among others. Even so, as the even neared, there were reports of the government running far beyond the budget, King (2012) estimating this at £2 billion some fifty days to the event. Finally, the government spent between £14 billion and £20 billion (Greyser & Kogan 2013), security provisions having escalated the budget significantly. With such massive
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Urban Regeneration & Mega Event Case Study Olympics 2012
The UK has exerted a huge effort in order to win the bid to host the Olympics for this year, and there is little doubt that its selection was greeted with much celebration. Two benefits are expected to be derived from the mega-sporting event: the economic windfall profit, and the legacy that is left after the event, in the form of the constructed stadiums, housing, transportation networks and infrastructure.
The events will continue for month and a half from 27th July to 12th August 2012 and will contain nearly 300 gaming events in various categories. This is the third time England is organizing Olympics. Prior to this, England had the honors of arranging them in 1908 and 1948(Barrow, 2011).
Here, we are going to look at some of the causes for the variance in pension replacement schemes, in the US and Greece. However much both countries have developed economies, the pension replacement schemes somehow differ. For instance, the age factor, in both countries, a twenty-one year old is eligible to participate in pension plans.
Organisational Structure The London Olympics and Paralympics games organised a committee which was to look after at the affairs of the event, LOCOG was created with Lord Coe as its Chair. This committee is responsible for staging the games and to raise funds by means of sponsorship.
Creation of new jobs is always a pressing priority, and the spreading tentacles of the hospitality sector have many advantages in this respect. The connection between tourism and jobs, as well as with enterprises
It is mentioned that Olympics 2012 would take place in London. This is the third time in history when the city has been given this honor to host the event. The last two times it hosted the event in 1940 and 1948. London won the bid out of four big cities: Paris, Moscow and New York in a close one-on-one with Paris by 4 votes.
These disciplines in total conduct more than 300 sporting events, further signifying its larger appeal in the global platform. The last Olympic Games were hosted by London in the year 2012 (Hunter, 2012). Gray (2012) in a report
The method that has been implemented in the assessment is Gordon’s dividend growth model. Furthermore, relative valuation has also been performed for understanding agility of the stock. Lastly, the stock value measured in 2010 has
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