The 2024 Summer Olympics kick off in Paris for opening ceremonies Read More!!!

The 2024 Olympics opening ceremony in Paris has sparked international outrage with drag-queen themed imagery of religious and historical figures.

The Summer Olympics may only take place for a couple of weeks, but the impact they have on France’s economy can stretch out for years.

A study done by the French Center for Sports Law and Economics back in 2016 said that the 2024 Olympics “may generate at up to $11.6 billion and up to 247,000 jobs.”

“Of the $11.6 billion, approximately $1.5-$3.79 billion (13-33%) is attributed to tourism-related economic impact,” the study said.

This study was conducted before the COVID-19 pandemic and the surge in inflation, so you must take the above numbers with some caution.

Hotel rooms have been at a premium, and with that the cost of hotels in and around Paris have skyrocketed. Three-star to five-star hotel prices have risen anywhere from 41%-64% above the yearly average during the Olympic Games.

To go along with the price increase, the tourist tax is now up to 200%. The tax brings room prices from $2.82 to $16.23 per night per Oxford Economics.

The hope for the French is that the tourists who visit during the games may come back and see things they did not get a chance to see during the Games.

France will draw about 101 million international tourists this year, the most of any Europe destination and up from 98 million tourists in 2023 according to Oxford Economics. However, most of those tourists are coming for the Olympic Games.
“As the first Olympic Games aligned with Olympic Agenda 2020, Paris 2024 is proving that the Games can bring substantial economic benefits to their hosts, while being socially and environmentally responsible.” Olympic Games executive director Christophe Dubi said via the IOC.

Paris has already spent $9.7 billion on Olympic expenses, and the French taxpayers are paying for about $3.25 billion of that according to The Associated Press.

There is no guarantee you end up making that money back either.

The IOC projects Paris’ will receive $12.2 billion of economic benefit from these games, leaving them in the black should they come true.

The IOC says that the “economic benefits for the city, region, and country and predicted to far outweigh the Games-related investments.

Yet the numbers from past games tell a different story.

In 2012, London spent $14.6 billion and generated $5.2 billion. In 2010, Vancouver spent $7.6 billion yet only brought in $2.8 billion.

In 2008, Beijing spent a whopping $42 billion and only brought in $3.6 million.

According to the University of Oxford, every Olympics since 1960 – except for the 1984 Olympics in Los Angeles – has been over budget by an average of 172%.

The reason the 1984 Olympics were profitable for Los Angeles was because most of the infrastructure required for the Games were already built.

Simone Biles will not be present at the opening ceremony in order to “rest up” for Sunday’s qualifying events, her family revealed during an interview with NBC.

Biles, 27, is the most decorated gymnast of all time. She has four Olympic gold medals, one silver and two bronze.

More than 10,000 of the world’s best athletes set sail in nearly 100 boats on the Seine River on Friday evening. The 3.7 mile parade route highlights some of Paris’ most iconic landmarks.