The Likely Economic Impact of the Olympics 2012 on London Essay

2816 WordsJun 20, 201212 Pages
On 6th July 2005, London was awarded to host one of the most prestigious events on earth. In the view of hosting this sort of competitions have a wider effect on national and international scale. In the wide scale, staging of a hallmark sport event can offer a significant improvement to the economy of a city or region in where it is held (Toohey and Veal 2007). Furthermore, London 2012 will not only be an opportunity for this generation to support GB competing team in their home it is also such an opportunity for businesses in the United Kingdom to take advantage of increase in expenditure and broader economic impacts, for example improve additional income, increase output and productivity (VISA 2011; Blake 2005). According to PricewaterhouseCoopers European Economic Outlook (PCEEO), big events such as this can have incredible gravity for overseas tourist to visit United Kingdom Pre-Olympics, during and post-Olympics. That is why this sort of events can act as a trigger to increase the popularity of bidding to host such mega events. It is true that more and more cities, regions and countries are willing to host mega sport events in order to enhance their prestige, status and gain maximum benefit in the short and long term (2004). Most useful at this stage to ponder on different ways of which Sporting event and mega event have been defined. Numerous authors have attempted to define Sporting Event and Mega Event over the years. Ritchie & Yangzhou (1987, p. 20) define Mega-Event as; “major one-time or recurring events of limited duration, which serve to enhance the awareness, appeal and profitability of a tourism destination in the short and/or long term’’ Additionally, Hillier defines Olympic Movement as; “to contribute to building a peaceful and better world by educating youth through sport practised without discrimination of any kind in the

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