Thursday, January 11, 2007

Olympics LOSE Money, Remember?

As we've stated in previous posts, no modern Olympics (in the last 30 years or so) has turned a profit aside from the 1984 Los Angeles Games. Montreal just paid off the last of it's 1976 debt in 2006 - that's how bad it gets. Now there's a story about how Chicago is setting up a number of events in an attempt to lure the 2016 Games to town:
  • The United States wrestling team will square off against the defending world champions of Russia for the "Chicago Cup" next month in the first of, what officials hope will be many amateur Olympic-style events here tailor-made to boost the city's 2016 bid.
  • The goal is to prove that Chicago is capable of hosting Olympic-style events rarely held here and to cultivate the local athletes who may someday compete in their hometown Olympics.
This is a disaster of immense proportions just waiting to happen. Don't believe us? How about today's headline in the Tribune (user name "" password "123456":
  • Chicago wants to use ticket taxes for O'Hare expansion
  • The city of Chicago plans to seek federal approval to use $270 million in passenger ticket taxes to cover the growing costs of expanding O'Hare International Airport.
  • The $270 million would represent almost two years' worth of O'Hare ticket tax collections.
  • It would pay for suburban land acquisition and building demolition needed for new runways as part of a larger $15 billion O'Hare expansion project that already is $400 million over budget
Phase One of the $15 billion project was projected to cost just under $2 billion. And they are already $400 million OVER budget. Even the simplest math shows that at this rate the City will be almost $3 billion IN THE RED by the time this project is over, and we don't doubt it will be double that. And where pray tell does that extra $3 billion come from?

Can you imagine what an Olympics is going to cost in this burg? It boggles the mind.


Anonymous Anonymous said...

why do you think they want to raise taxes? Cause the busniess community will pay for 2016, rememeber???

1/11/2007 01:04:00 AM  
Anonymous Anonymous said...

It is not important that the city (meaning taxpayers, employees, etc.) loose money, it is only important that they loose the money to the right people.

That and Daley leaves this as his "legacy".

1/11/2007 09:01:00 AM  
Anonymous Anonymous said...


1/11/2007 09:41:00 AM  
Anonymous Anonymous said...

Off topic
How can I become a B team member? My arrest activity sucks. I'm a dogass for the most part. I am good at breaking commitments with my partners. I drink like a fish at the Redwood. I am a clout baby in 009. I am the very best cop in my own mind.

Just answered my own question...Nevermind.

1/11/2007 11:44:00 AM  
Anonymous Anonymous said...

All this is a chance for Daley to once again look like he is going to do something for the minority hell hole that is the deuce. He will look good enough to get elected one more time, the get the hell out long before the olympics come to town, leaving the financial destruction on the doorstep of whoever takes the reins.

1/12/2007 12:21:00 AM  
Anonymous Anonymous said...

great. olympics. why don't we all chip in, buy the red and white paint. then all together paint a bullseye on our own asses. those games come here and so do the assholes with the bombs and the whiny liberal trust fund baby protesters....god i hope i'm not in a blue shirt still.

1/12/2007 12:34:00 AM  
Anonymous Anonymous said...

To 12:21:33 "Minority hell hole"
When was the last time you were in the deuce? Your statement was true once upon a time, but now there is little or nothing there, and much of what is will be gone by 2016. By the way, I think the Olympics is a bad idea. Fortunately I will be gone by 2016.

1/12/2007 02:14:00 PM  

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