Is Hosting the Olympics a Good Investment - Assignment Example

Is Hosting The Olympics A Good Investment? Thesis ment This essay mainly depicts the positive and negative effects of hosting the Olympic game.This is because, it helps in increasing the economic condition of the nation but enhances the intensity of varied terrorist attracts. Along with this, it attracts numerous business owners to enter into the host country thereby amplifying the intensity of rivalry among the firms. Apart from this, it also increases the liability ratio of the country by developing various infrastructures, buildings and hotels. Therefore, after analyzing the above mentioned reasons, it might be stated that hosting the Olympic Games is not a good investment. Table of Contents Thesis statement 2 Introduction 4 Discussion 4 Hosting the Olympics is a good investment 4 Hosting Olympic Games is an event of loss 5 Hosting of Olympic Games helps in regeneration 5 Hosting Olympics is a profitable event 6 Hosting Olympic Games is a showcase of the nation or country 6 The bidding process of Hosting is very long 7 Conclusion 7 References 8 Introduction Olympics are described as one of the most legendary international events of sports comprising of varied types of both winter and summer games. It is recognized as the world famous competition of varied events, occurring after every eight years in various countries like Barcelona in 1992, Seoul in 1988 and Beijing in 2008. Moreover, it is also considered as the most renowned game of sports, as maximum extent of the nations desire to enrol their name in it. This is done; in order to enhance their level of image and reputation in the entire globe among other nations. As, participating in Olympic Games is a matter of pride and pleasure. However, that pleasure and worthiness is fading slowly and gradually due to globalization and industrialization, creating the issues of corporate sponsorship and commercialization of the games. As a result of which the fascination of Olympic Games is reducing day by day from the minds of the human beings and supporters. Discussion Hosting the Olympics is a good investment Hosting the Olympic Game is a recognized as a very good investment as it creates a great feeling factor. This is because; it helps in enhancing the image and popularity of the city in the entire globe among others. Along with this, it also encourages in development of varied types of stadiums and event arenas thereby amplifying the status of the nation in the entire globe among others. Apart from this, hosting an Olympic game also helps in attaining varied types of medals and cups thereby resulting in amplification of the pride and prosperity of the nation in the entire world. Not only this the procedure of hosting the Olympic Games might also act as a technique to unite varied immigrants such as the famous footballer named Zinedine Zidane is used for the Paris 2012 bid. Thus, hosting such an event of Olympic helped in uniting the citizens of all backgrounds and creeds thereby amplifying its image and position in the entire globe among others. Therefore, it might be depicted clearly that hosting Olympic Games helps to improve national pride as well as national unity among all. So, it is highly preferred by all and regarded as a good investment (Perryman, 2012, pp. 45-48). Hosting Olympic Games is an event of loss Hosting the Olympic Games is recognized as an event of loss, as huge amount of investment is done by the sponsors in developing various buildings and infrastructures. Not only this in- order to re-decorate the stadiums and event arenas a lump-sum amount also get invested. As a result of which, the amount of debt of the host country gets enhanced to a significant extent as compared to other nations. And the host country might require huge amount of time to repay such type of debts to the financial institutions or other loan paying organizations. This might prove extremely worse for the nation thereby hindering its image and reputation in the entire globe among others. So, organizing or hosting an international event of Olympic is not preferred to be a value-added affair. This is one of the prime reasons that offered negative impacts over the international game of sports thereby reducing its fascination from the minds of the general public. Hosting of Olympic Games helps in regeneration Hosting or organizing an international event helps in stimulation the concept of regeneration of a specific country or state. As a result of which, numerous roads, restaurants, hotels, stadiums, event arenas are redeveloped with a very limited time-frame. And so, the entire look of the state or the country gets changed thereby amplifying its value and image in the entire globe among other nations. Although, improving the entire image of a specific country includes a huge amount of revenue but its reputation surely gets enhanced to a significant extent. It is extremely essential for any nation to improve its dominance in the entire globe as compared to others, so as to retain its effectiveness and success. Thus, hosting an Olympic game helps in rejuvenating a state into a new way (Moragas & Rivenburg, 1995, pp. 465-478). Hosting Olympics is a profitable event Hosting Olympic Games is a profitable event as it helps in enhancing the economic position of the country. This is possible, as a wide range of tourists enters the hosting country in order to attain the pleasure of the events. As a result, the profitability and revenues of the restaurants and hotels gets enhanced resulting in amplification of the financial condition of the economy to a certain extent as compared to many other nations. Apart from this, in order to offer best practices, a huge range of employees or staffs are also recruited by the management of these restaurants and hotels. As a result of which, the level of unemployment of the nation also gets reduced thereby declining the rate of poverty and paucity. This acts as a boon for the citizens of the nation thereby amplifying its living standard and life-style to a certain extent. Along with this, it also helps in improving their level of economic condition as compared to many other neighbouring nations. So, it is extremely beneficial to host an Olympic game within a country or nation (Horne & Whannel, 2012, pp. 142-164). Hosting Olympic Games is a showcase of the nation or country Hosting the Olympic game is not a profitable business as it acts as a showcase for the nation. This is because; the media showcases both the economic as well as the political scenario of the nation. By doing so, numerous interested business organization or entrepreneurs might become interested in entering the market thereby enhancing the level of competition among the existing players. As a result, the bargaining power of the buyers or the customers might also get enhanced to a significant extent resulting in amplification of the switch over costs. Apart from this, as the media showcases all sorts of valuable wealth present within the country so, the intensity of terrorist attacks within the country might also gets enhanced to a significant extent as compared to other nations. Therefore, it surely sounds profitable but it might also offer negative impacts over the entire nation thereby hindering its image and reputation in the entire globe. So, hosting the Olympic game is neither profitable nor worthy for any state or country in this age of intensive economic downturn (David, 2012, pp. 72-79). The bidding process of Hosting is very long The bidding process of Olympic Games is quite long and so it’s extremely tough to manage the revenue required for that. So, hosting the Olympic Games within a specific country might decrease the economic condition of that country to a significant extent among others. And such a condition might also hinder the status and image of the nation thereby enhancing its liability ratio to a huge extent. So, it might be stated that hosting the Olympic game is not a profitable event but a liability for the host country (Bairner & Molnar, 2010, pp. 251-256). Conclusion Conclusively, it might be clearly depicted that hosting procedure of Olympic Games sounds interesting and profitable but it offers numerous negative impacts. Along with this, it enhances the economic condition by attracting wide range of tourists but at the same time increases the debt ratio of the nation as well. So, it might be stated that hosting the Olympic game is neither a profitable nor an interesting event for the host countries of this era. Therefore, its better not to organize it as it might increase terrorist attracts and political conflicts within the nation. Hence, it might be depicted that hosting the Olympic Games is not a good investment for the nations. References Bairner, A. & Molnar, G. (2010). The Politics of the Olympics: A Survey - Page 32. New York: Cengage Learning. David, J. A. (2012). The Olympic Games Effect: How Sports Marketing Builds Strong Brands. New York: Cengage Learning. Horne, J. & Whannel, G. (2012). Understanding the Olympics - Page 42. London: Sage. Moragas, M. De. & Rivenburg, N. K. (1995). Television in the Olympics - Page 16. London: Sage. Perryman, M. (2012). Why the Olympics Arent Good for Us and How They Might Be - Page 45. New York: Springer. Read More