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The Olympics, a financial failure? Small profits and damages from canceled events

2024-07-18 12:04:00Lifestyle SHKRUAR NGA REDAKSIA VOX

In less than two weeks, the Paris Olympic Games will begin. According to the plan, this event should greatly boost tourism, revitalize the city, attract investment and give a boost to a French economy that badly needs a boost. But according to an article in the prestigious British newspaper 'The Telegraph', the Paris Olympic Games are turning into a catastrophic financial fiasco". Currently, tourists are increasingly avoiding the French capital and the number of trips is being reduced as a result.

Also, Paris has always been a city that has not suffered from tourism, being the first in terms of visitors in the world. Therefore, it is not difficult to understand that the repulsion of the 44 million tourists it receives on average per year is not useful.

Of course, the above is not mere speculation. At the beginning of July, Air France reported a loss of 180 million euros for the current quarter, due to cancellations, where the French state, as the main shareholder in the airline with a percentage of 29%, took a hit.

Along the same lines, hotel bookings are also disappointing, as occupancy for the Games period fell below 81%, typical for July.

In the second year, the owners are forced to lower the prices to convince the more oligarchic audience attracted by the Olympic Games and "breakouts", reducing the projected profit.

Even the sponsorships to benefit PBB from the global television audience were not a real success. The organizing committee had set a target of $1.2 billion from major corporations.

In conclusion, plans to clean up the polluted Seine have not gone as planned, while the public sector is threatening strikes in the wake of the city's preparation fever.

Judging by the history of other events, many of these supposed benefits never materialize, while the host city is left with a series of commitments with results that will not be what was expected.


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