August 19, 2018, 04:02:14 PM


Author Topic: Approximately US$10 Billion to Lose  (Read 1405 times)

Online Foreverparadise

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Approximately US$10 Billion to Lose
« on: February 14, 2018, 12:12:01 AM »

The cost of hosting the 2018 Winter Olympics in Korea cost US$18 Billion.
South Korea will only get back US$2.5 Billion in return. This will leave South
Korea in a deep debt for the Winter Olympics that more NET's in EPIK will have
to get pink slips. You wonder if the hosting the winter games was worth it in the
first place.

https://ca.sports.yahoo.com/south-korea-likely-lose-10-billion-hosting-2018-winter-olympics-112206104.html


Offline sleepy

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Re: Approximately US$10 Billion to Lose
« Reply #1 on: February 14, 2018, 07:45:05 AM »
Quote
The cost of hosting the 2018 Winter Olympics in Korea cost US$18 Billion.
South Korea will only get back US$2.5 Billion in return. This will leave South
Korea in a deep debt for the Winter Olympics that more NET's in EPIK will have
to get pink slips. You wonder if the hosting the winter games was worth it in the
first place.

Yes, especially teachers in Gangwon-do. Local elections later this year..........lots of local government funded EPIK positions on the chopping block I think......Plus voting for new education chief later in the year, which may affect direct hires.

The pre-election candidates were announced yesterday I think (for edu chief). (election 13th June)

Offline thunderlips

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Re: Approximately US$10 Billion to Lose
« Reply #2 on: February 14, 2018, 08:03:31 AM »
Olympics have been a scam for decades. Bribery, corruption, inflated costs. Permanent locations for summer and winter games seems to be the only way to avoid these funding fiascoes..

Offline gogators!

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Re: Approximately US$10 Billion to Lose
« Reply #3 on: February 14, 2018, 09:50:07 AM »
I agree that the Olympics and the IOC are a sham.

I'm not sure I agree with the article's premise that South Koreans have little interest in winter sports or that skiing in SK doesn't attract any tourists. But maybe not in the kinds of numbers needed to recoup the investment.

Brazil's facilities built for the Olympics are a real mess.

Online Foreverparadise

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Re: Approximately US$10 Billion to Lose
« Reply #4 on: February 14, 2018, 10:11:13 AM »
If previously built permanent facilities are the way to go, perhaps it was a good choice for
Toyko to re-host the 2020 Summer Olympics following their hosting of the Olympics in 1964.
Same goes for Los Angeles, Barcelona, Vancouver, Torino, and Montreal. But wait a minute!
Tokyo is spending more and more money to host the 2020 Olympics.  Aren't they going to
make use of their previous Olympic facilities that they used in 1964? How is that going to
help taxpayers save their money? How is that going to help with their local revenue?

Offline GangwonGuru

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Re: Approximately US$10 Billion to Lose
« Reply #5 on: February 14, 2018, 10:12:21 AM »
The Olympics were never about making a profit. It's a 고추 measuring contest.

Offline gogators!

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Re: Approximately US$10 Billion to Lose
« Reply #6 on: February 14, 2018, 02:10:40 PM »
The Olympics were never about making a profit. It's a 고추 measuring contest.
Breaking even would suffice.

Online Life Improvement

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Re: Approximately US$10 Billion to Lose
« Reply #7 on: February 14, 2018, 03:42:31 PM »
There is the hope that hosting the Olympics will lead to more tourists coming in the future.

Offline kobayashi

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Re: Approximately US$10 Billion to Lose
« Reply #8 on: February 14, 2018, 04:02:40 PM »
the above is basically why countries choose to host events like the Olympics and Football world cup.

it's a way to showcase themselves on the international stage and boost tourism numbers for years into the future, hoping that they will make a profit that way.

unfortunately korea really messed up for these olympics. instead of a positive impression, a lot of tourists have been left with the following:
- view that korea is racist as koreans were given priority over olympic visitors on the KTX during Seollal
- many taxi drivers have still been ripping people off
- accommodation has been a shambles, and prices are through the roof - if you can even get a place to begin with
- transport has been hugely disorganized and a shambles too. people were left to wait for hours in the freezing cold at night for shuttle buses. some people have been unable to get back to their hotels in Seoul because KTX and buses stop running before some events end.
- koreans as petty and childish, as korean netizens have - as usual - been blasting overseas speed skaters on social media when koreans have been disqualified, even though the overseas skaters have nothing to do with the decisions. this has been reported on by many overseas news outlets.

Offline Mezoti97

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Re: Approximately US$10 Billion to Lose
« Reply #9 on: February 14, 2018, 04:47:34 PM »
Although Korea spent $13 billion on the Olympics, it still pales in comparison to what Russia spent on the 2014 Winter Olympics in Sochi. But yeah, $13 billion is a lot.

Offline MayorHaggar

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Re: Approximately US$10 Billion to Lose
« Reply #10 on: February 14, 2018, 05:01:40 PM »
the above is basically why countries choose to host events like the Olympics and Football world cup.

it's a way to showcase themselves on the international stage and boost tourism numbers for years into the future, hoping that they will make a profit that way.

unfortunately korea really messed up for these olympics. instead of a positive impression, a lot of tourists have been left with the following:
- view that korea is racist as koreans were given priority over olympic visitors on the KTX during Seollal
- many taxi drivers have still been ripping people off
- accommodation has been a shambles, and prices are through the roof - if you can even get a place to begin with
- transport has been hugely disorganized and a shambles too. people were left to wait for hours in the freezing cold at night for shuttle buses. some people have been unable to get back to their hotels in Seoul because KTX and buses stop running before some events end.
- koreans as petty and childish, as korean netizens have - as usual - been blasting overseas speed skaters on social media when koreans have been disqualified, even though the overseas skaters have nothing to do with the decisions. this has been reported on by many overseas news outlets.

It's been hilarious reading all the "dirty untrustworthy foreigners are all conspiring yet again to shame our pure blood" tabloid stories in the UFO Times. I really don't get why Koreans still have a fairly positive image around the world when they usually choose to interact with outsiders in the form of petty and illogical grudges. Kpop and bulgogi are really not enough to paper that over.

Online grey

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Re: Approximately US$10 Billion to Lose
« Reply #11 on: February 14, 2018, 09:34:15 PM »
the above is basically why countries choose to host events like the Olympics and Football world cup.

it's a way to showcase themselves on the international stage and boost tourism numbers for years into the future, hoping that they will make a profit that way.

unfortunately korea really messed up for these olympics. instead of a positive impression, a lot of tourists have been left with the following:
- view that korea is racist as koreans were given priority over olympic visitors on the KTX during Seollal
- many taxi drivers have still been ripping people off
- accommodation has been a shambles, and prices are through the roof - if you can even get a place to begin with
- transport has been hugely disorganized and a shambles too. people were left to wait for hours in the freezing cold at night for shuttle buses. some people have been unable to get back to their hotels in Seoul because KTX and buses stop running before some events end.
- koreans as petty and childish, as korean netizens have - as usual - been blasting overseas speed skaters on social media when koreans have been disqualified, even though the overseas skaters have nothing to do with the decisions. this has been reported on by many overseas news outlets.

It's been hilarious reading all the "dirty untrustworthy foreigners are all conspiring yet again to shame our pure blood" tabloid stories in the UFO Times. I really don't get why Koreans still have a fairly positive image around the world when they usually choose to interact with outsiders in the form of petty and illogical grudges. Kpop and bulgogi are really not enough to paper that over.

I think much of the world has a small amount of interaction and knowledge with Koreans. Iím abroad now and I think Koreans act better when they know their actions can have consequences, unlike at home. This is affected if the country they are in is viewed as much below them. Iím in a richer country at the moment and itís crawling with Korean tourists.

Say like Japan. What does the the average Euro know about Japan? Sushi, some cartoons, and maybe a friend of a friend of a friend? Still pretty minor connection.
Ko fills half his luggage with instant noodles for his international business travels, a lesson he learned after assuming on his first trip that three packages would suffice for six days. ďMan, was I wrong. Since then, I always make sure I pack enough.Ē
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Online sligo

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Re: Approximately US$10 Billion to Lose
« Reply #12 on: February 14, 2018, 09:55:55 PM »
the above is basically why countries choose to host events like the Olympics and Football world cup.

it's a way to showcase themselves on the international stage and boost tourism numbers for years into the future, hoping that they will make a profit that way.

unfortunately korea really messed up for these olympics. instead of a positive impression, a lot of tourists have been left with the following:
- view that korea is racist as koreans were given priority over olympic visitors on the KTX during Seollal
- many taxi drivers have still been ripping people off
- accommodation has been a shambles, and prices are through the roof - if you can even get a place to begin with
- transport has been hugely disorganized and a shambles too. people were left to wait for hours in the freezing cold at night for shuttle buses. some people have been unable to get back to their hotels in Seoul because KTX and buses stop running before some events end.
- koreans as petty and childish, as korean netizens have - as usual - been blasting overseas speed skaters on social media when koreans have been disqualified, even though the overseas skaters have nothing to do with the decisions. this has been reported on by many overseas news outlets.

It's been hilarious reading all the "dirty untrustworthy foreigners are all conspiring yet again to shame our pure blood" tabloid stories in the UFO Times. I really don't get why Koreans still have a fairly positive image around the world when they usually choose to interact with outsiders in the form of petty and illogical grudges. Kpop and bulgogi are really not enough to paper that over.

I think much of the world has a small amount of interaction and knowledge with Koreans. Iím abroad now and I think Koreans act better when they know their actions can have consequences, unlike at home. This is affected if the country they are in is viewed as much below them. Iím in a richer country at the moment and itís crawling with Korean tourists.

Say like Japan. What does the the average Euro know about Japan? Sushi, some cartoons, and maybe a friend of a friend of a friend? Still pretty minor connection.

Korea sparkling:

https://olympics.cbc.ca/news/article/canada-kim-boutin-receives-death-threats-after-winning-short-track-bronze.html

4 years ago, sparkling:

https://www.standard.co.uk/sport/elise-christie-refuses-to-be-broken-by-the-death-threats-she-received-in-sochi-but-admits-she-still-a3759211.html

Online Foreverparadise

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Re: Approximately US$10 Billion to Lose
« Reply #13 on: February 14, 2018, 11:13:21 PM »
There is the hope that hosting the Olympics will lead to more tourists coming in the future.

Sure, if that will cover the big debt they will have. If you don't believe me, just look
at Montreal.


Offline gogators!

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Re: Approximately US$10 Billion to Lose
« Reply #14 on: February 15, 2018, 10:27:47 AM »
the above is basically why countries choose to host events like the Olympics and Football world cup.

it's a way to showcase themselves on the international stage and boost tourism numbers for years into the future, hoping that they will make a profit that way.

unfortunately korea really messed up for these olympics. instead of a positive impression, a lot of tourists have been left with the following:
- view that korea is racist as koreans were given priority over olympic visitors on the KTX during Seollal
- many taxi drivers have still been ripping people off
- accommodation has been a shambles, and prices are through the roof - if you can even get a place to begin with
- transport has been hugely disorganized and a shambles too. people were left to wait for hours in the freezing cold at night for shuttle buses. some people have been unable to get back to their hotels in Seoul because KTX and buses stop running before some events end.
- koreans as petty and childish, as korean netizens have - as usual - been blasting overseas speed skaters on social media when koreans have been disqualified, even though the overseas skaters have nothing to do with the decisions. this has been reported on by many overseas news outlets.

It's been hilarious reading all the "dirty untrustworthy foreigners are all conspiring yet again to shame our pure blood" tabloid stories in the UFO Times. I really don't get why Koreans still have a fairly positive image around the world when they usually choose to interact with outsiders in the form of petty and illogical grudges. Kpop and bulgogi are really not enough to paper that over.
People just think of Samsung and LG products when they think of SK.

Online Foreverparadise

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Re: Approximately US$10 Billion to Lose
« Reply #15 on: March 03, 2018, 12:20:35 AM »

Now that the 2018 Winter Games are over since Sunday, Pyeongchang County with a population of
around 48,000 people who are mostly ageing, is left with this big debt of approximately US$11-12
billion. They say it will take around 20 years to pay off that debt.

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Online grey

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Re: Approximately US$10 Billion to Lose
« Reply #17 on: March 03, 2018, 12:40:48 PM »
It took Montreal 30 years.

http://www.cbc.ca/news/canada/montreal/quebec-s-big-owe-stadium-debt-is-over-1.602530

In fairness to Montreal; itís Montreal. Theyíre our basket case. Vancouver and Calgary executed much better. If Toronto hosted, it would also pay off the cost much more quickly.
Ko fills half his luggage with instant noodles for his international business travels, a lesson he learned after assuming on his first trip that three packages would suffice for six days. ďMan, was I wrong. Since then, I always make sure I pack enough.Ē
-AP

Online grey

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Re: Approximately US$10 Billion to Lose
« Reply #18 on: March 03, 2018, 12:45:47 PM »
the above is basically why countries choose to host events like the Olympics and Football world cup.

it's a way to showcase themselves on the international stage and boost tourism numbers for years into the future, hoping that they will make a profit that way.

unfortunately korea really messed up for these olympics. instead of a positive impression, a lot of tourists have been left with the following:
- view that korea is racist as koreans were given priority over olympic visitors on the KTX during Seollal
- many taxi drivers have still been ripping people off
- accommodation has been a shambles, and prices are through the roof - if you can even get a place to begin with
- transport has been hugely disorganized and a shambles too. people were left to wait for hours in the freezing cold at night for shuttle buses. some people have been unable to get back to their hotels in Seoul because KTX and buses stop running before some events end.
- koreans as petty and childish, as korean netizens have - as usual - been blasting overseas speed skaters on social media when koreans have been disqualified, even though the overseas skaters have nothing to do with the decisions. this has been reported on by many overseas news outlets.

It's been hilarious reading all the "dirty untrustworthy foreigners are all conspiring yet again to shame our pure blood" tabloid stories in the UFO Times. I really don't get why Koreans still have a fairly positive image around the world when they usually choose to interact with outsiders in the form of petty and illogical grudges. Kpop and bulgogi are really not enough to paper that over.
People just think of Samsung and LG products when they think of SK.

I would strongly disagree with that. A lot of people Iíve spoken to think those two companies are from Asia. China or Japan being common guesses. I would guess kimchi and Kpop.
Ko fills half his luggage with instant noodles for his international business travels, a lesson he learned after assuming on his first trip that three packages would suffice for six days. ďMan, was I wrong. Since then, I always make sure I pack enough.Ē
-AP

Offline VanIslander

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Re: Approximately US$10 Billion to Lose
« Reply #19 on: March 03, 2018, 03:01:53 PM »
Korea is GREAT in...

Skeleton,
Curling,
Snowboarding,
Bobsleigh,

not just speed skating and short track speed skating (and figure skating - the Kim Yu-na effect will last a few generations).

Such a claim is... priceless.