Olympic Games: The Price of Glory - [Business Breakdowns, EP.176]

Today we are diving into the economics of the Olympics. It's a timely episode with the Paris Games ongoing right now and the economic reality for host cities is extremely poor. It's estimated that Paris is going to spend $9 billion for these 2024 games and in return, they'll generate revenue somewhere in the mid-single-digit billions. Our guest is Andrew Zimbalist, author and economics Professor at Smith College. Andrew brings us behind the curtain to share more about the IOC, the bidding process for the Olympics, how that has changed over time, and what has led us to this period of time where cities are spending so much for so little in return. It's a really fascinating discussion and leaves you thinking about the long-term viability of the games. Please enjoy this breakdown of the Olympics. Register for the Business Breakdowns x Founders Conference. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. — This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Follow us on Twitter: @JoinColossus | @ReustleMatt | @domcooke | @zbfuss  Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Our Partners (00:01:46) Introduction to Business Breakdowns  (00:02:38) Diving into the Economics of the Olympics  (00:03:22) The Financial Strain on Host Cities  (00:08:30) Historical Context and Changes in the Bidding Process  (00:15:27) The Role and Influence of the IOC  (00:18:22) Economic Impact and Cost Overruns  (00:34:58) Tourism and Long-Term Benefits  (00:40:14) Potential Solutions for Sustainable Olympics  (00:42:27) Conclusion and Final Thoughts