Bankruptcy myth of hosting the Games

If properly managed, the Olympics will not bankrupt a city.

There is a myth that hosting the Olympics will bankrupt a city.  It is a myth that takes on a life of its own as people surround it with unsubstantiated financial numbers. 

 To dispel the myths, here are some facts.

London2012 broke even.

Vancouver 2010 broke even.

Beijing2008 made a profit.

The Olympic Games did not bankrupt Atlanta in 1996. The Atlanta1996 Games brought a $1.721 Billion cash flow (cashflow, not expense) event to the city, and Atlanta 1996 reported a $19 Million profit on a cashflow of $1.721 Billion.

You can see the 3 volume official Atlanta 1996 financial statements by downloading a copy of The Official Report of the Centennial Olympic Games, The Atlanta Committee for the Olympic Games 

The Financial statements for the 1996 Atlanta games can be found by downloading Volume 1, and searching Adobe reader for page 237. (The printed page is 222). The last line “Reserves for Operations and Construction” indicates that Atlanta made a 19.193 Million dollar profit, in a $1.721 Billion cashflow.

Here is a list of the Profit/Loss of the Olympics for Host Cities, back to Montreal in 1976.

Some people look down on Wikipedia articles for reference sources. However, the true measure of the Wikipedia articles accuracy is to look at the references at the bottom of the Wikipedia article. Please see the References at the bottom of the Wikipedia article.

If properly managed, the Olympics will not bankrupt a city.

Tulsa’s proposal to host the Games models the profitable Atlanta1996 Games. Tulsa will use existing facilities, and only build what has a post-games economic engine benefit to the city. Tulsa has two more existing facilities than Atlanta did at the same stage of the bid process, the Michael D. Case Tennis Center at the University of Tulsa, and an Equestrian facility at Expo Square.

 Atlanta1996 had to build the Stone Mountain Tennis facility, and the Conyers Horse park.