Joseph Stromberg:
Brazil spent about $3 billion building 12 new or heavily refurbished stadiums for last year's World Cup. Officials promised these taxpayer-funded venues would continue to generate revenue for years, hosting concerts, pro soccer games, and other events.
But as Lourdes Garcia-Navarro at NPR reports, most stadiums are failing to generate much revenue at all. The most expensive one, in Brasilia, is most regularly used as a site for a municipal bus parking lot. …
There are economists who study the potential economic impact of these events on the cities that host them, and their findings are unequivocal: they don't pay. As Victor Matheson, an economist at College of the Holy Cross, told my colleague Brad Plumer, "My basic takeaway for any city considering a bid for the Olympics is to run away like crazy."
via www.vox.com
Hat tip: Donald Coffin on the NAASE Google group.
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