Mario & Sonic at the London 2012 Olympic Games

• It’s a question still hanging over Brisbane’s plans for the 2032 Olympics.
• Often economic studies are carried out before the events to build the case for hosting them.

The Sydney Olympics’ $3.7 billion cost

• Our study found the 2000 Olympics reduced Australia’s real private and public consumption by about $3.7 billion (adjusted to 2023 dollars) over the nine years in which the Olympics impacted the economy.
• It is often claimed that hosting the Olympics brings intangible benefits to the host nation – things such as national pride and social cohesion.

How to calculate the value of a mega event

• It’s important to use a model equipped for the task, and to properly simulate the effect of the event.
• In the past, major event studies – such as KPMG’s pre-Sydney Olympics study – used input-output models.
• Modern CGE models track deviations from what would have otherwise happened, as the effects of an event work their way through the economy.
• Studies undertaken before the event often include predicted legacies, such as a large boost to tourism following the event.

Feelings aside, the Sydney Games had a net cost

• The net direct cost of the Sydney Olympics (Olympic costs not funded by Olympics revenue), when updated to 2023 prices, was $4.5 billion.
• A frequent claim by proponents of big events is that the demand stimulus from the event will far offset its net direct cost.
• But our real consumption result indicates the demand stimulus offset only about a fifth of the net direct cost.

Feelings and other intangible benefits

• That is a sizeable figure to pay for the intangible benefits not already counted in the prices of tickets, broadcasting rights and other organising committee sales.
• However, those intangible benefits – including national and sporting pride, a feelgood atmosphere and inspiring children – might also be sizeable.
• There are no estimates for the value of intangible benefits from the Sydney Olympics.
• The UK study showed households outside London also perceived intangible benefits, though only half as much per household as their London counterparts.

Lessons for future mega events

• In all of the work that’s been done to date on the economics of hosting mega events, a few lessons stand out.
• Events with wide appeal can generate enough revenue to cover their operating costs – and this was the case for the Sydney Olympics.
• The most important lesson is that bidders for such events ought to conduct a rigorous analysis of the event’s expected net value before submitting their bids.
• Some mega events might pay their way, when intangibles such as the feelings they engender are taken into account.

• ASM Global today announced a new strategic partnership—its first in the U.K—with London Stadium to create additional wide-ranging event content to the stadium’s upcoming calendar as well as creating new commercial opportunities.
• Through elevated non-matchday programming, ASM Global has committed to cementing London Stadium as a leading global venue for the very best in live experiences.
• Originally built to host the London 2012 Olympic Games at Queen Elizabeth Olympic Park, London Stadium is the home of Premier League football club West Ham United as well as U.K.
• We are always looking to improve; and this partnership with ASM Global will help push us on to even greater possibilities, unlocking the huge potential of our venue.”
  Tom Lynch, senior vice president, Europe, of ASM Global, said, “We’re delighted to announce London Stadium as ASM Global’s first U.K. stadium partner, joining our elite network of iconic, major event venues around the world.

• Supersapiens, powered by the Abbott Libre Sense Glucose Sport Biosensor, will work with Buckingham to deliver valuable insights to help with lasting positive behavior change and performance improvements.
• She won the National Junior Aquathon at 13 and represented Great Britain multiple times at the European Youth Triathlon Championships.
• Having a Supersapiens ambassador of her caliber is a true testimonial to our system and further showcases how we are helping athletes achieve their goals," said Supersapiens CEO and Founder Phil Southerland.
• The Supersapiens app pairs with Abbott's Libre Sense Glucose Sport Biosensor allowing athletes to see their glucose levels updated every minute via Bluetooth.