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Amid the fear of COVID-19 spreading in the States, multiple venues have closed and it's recommended to not even gather with more than 50 people at an event. The most prominent example of this is the NBA canceling the basketball season after a player tested positive for coronavirus—stadiums that were once full of fans, will now be empty, and players benched. Last season, the NBA netted $8 billion in revenue. There is a top-down, drastic, economic effect on this.
The revenue from the non-profit Olympics pale In comparison to the NBA, with revenues of $5.7 billion between 2013 and 2016, which were 2014 Sochi and 2016 Rio de Janeiro; let's just call it $3 billion per Games.
That said, it's not how much the Olympics make, it's how much they bring into the economies of where they're hosted as well as how much money is invested in infrastructure and advertising that goes into everyday ordinary people's pockets. From the jobs created building the National Stadium, the central venue for the 2020 Tokyo Games, costing 252 billion yen (~$2.4 billion USD) to the multitude of jobs created in the area to serve the masses that will come. The Olympics have a huge economic impact. Take not only the airlines, such as Japan Airlines pictured above, losing out on passenger ticket sales, but also on $100,000 to $200,000 for paint jobs to proudly display that Japan is hosting the Olympics too!
With coronavirus floating around Japan, and a mere 814 cases of COVID-19 in Japan, should Japan pull the plug on hosting the Olympics? Or should they be canceled altogether? Also, should we even worry about it affecting Okinawa, as an epidemic and as financial stress?
The revenue from the non-profit Olympics pale In comparison to the NBA, with revenues of $5.7 billion between 2013 and 2016, which were 2014 Sochi and 2016 Rio de Janeiro; let's just call it $3 billion per Games.
That said, it's not how much the Olympics make, it's how much they bring into the economies of where they're hosted as well as how much money is invested in infrastructure and advertising that goes into everyday ordinary people's pockets. From the jobs created building the National Stadium, the central venue for the 2020 Tokyo Games, costing 252 billion yen (~$2.4 billion USD) to the multitude of jobs created in the area to serve the masses that will come. The Olympics have a huge economic impact. Take not only the airlines, such as Japan Airlines pictured above, losing out on passenger ticket sales, but also on $100,000 to $200,000 for paint jobs to proudly display that Japan is hosting the Olympics too!
With coronavirus floating around Japan, and a mere 814 cases of COVID-19 in Japan, should Japan pull the plug on hosting the Olympics? Or should they be canceled altogether? Also, should we even worry about it affecting Okinawa, as an epidemic and as financial stress?
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