Is the Olympic Torch Burning Out?
Once a beacon of athleticism and a celebration of human capability, the Olympics has lost its flair and prestige. Hosting the Olympics is no longer the economic boon every country dreams of. The thrills from yesteryear are no more as one question continues to linger in everyone's mind: How much longer will the games last?
It’s 2004 in Athens, Greece, and the city has begun preparing for the celebration. Mentions of the game were impossible to escape and the anticipation was building. Behind the scenes though, the prices were stacking up. By the end of the event, the hosting costs had reached a new peak, costing almost €9 billion (P564 billion) with Greek taxpayers alone shouldering €7 billion (P438.7 billion).
Recent events have continued this trend with the Tokyo Olympics continuing the now decades-long streak of overshooting projected costs. This has become a concern for the hosting countries and the International Olympic Committee (IOC). With previous host countries still struggling with incurred debt and many unwilling to take the risk, recent bids to host have fallen to dangerous numbers.
As an Oxford study by Bent Flyvbjerg said: “...for a city and nation to decide to stage the Olympic Games is to decide to take on one of the most costly and financially most risky type of mega-project that exists, something that many cities and nations have learned to their peril.”
This came to a climax during the bids for 2024 when only two cities showed, Paris and Los Angeles. Fearing for the future bidding, the IOC made an unprecedented choice: “Paris 2024, Los Angeles 2028.” Both competing cities simultaneously got accepted to host. This decision inadvertently thrust into question the economic benefits (or lack thereof) and whether it was worth the billions required.
Examining the profits and ramifications of the Olympics, several issues become apparent. The most significant of which is the Olympic stadium. Host countries have the habit of constructing brand-new venues regardless of existing infrastructure. While on the surface it may seem harmless, it has left many countries with billion-dollar structures that take up space and cost millions to maintain.
Take for example the Athens Olympic Stadium. Following the games in 2004, the government made many attempts to reuse the stadium but it lay forgotten, with Prime Minister Kyriakos Mitsotakis claiming the stadium “has not been maintained for two decades.” The stadium was later shut down in September 2023, having not hosted a proper event since the games.
Tourism and publicity for the games have also been declining, with interest gradually waning as online viewing becomes more prevalent. This has left hosts with little reason to continue, leading many countries to choose to back out of the auction.
Despite all this, there still is hope for the Olympics; it just hinges on the performance of future games. After all, the patriotism and honor from winning the games will likely never fade. Regardless of what the future holds, the athlete's spirit will remain just as fierce, with crowds continuing to watch in anticipation. All eyes are on the Olympics as they perform another event. The bar is high and one question remains: Will they be able to clear it?