The Olympics: A Parasite to Host Cities

After years of negotiation, the International Olympic Committee (IOC) recently awarded the right to host the 2024 and 2028 Summer Olympics to Paris and Los Angeles, respectively. But in some ways the decision wasn't difficult; the two cities were the only candidates left after other major contenders -- namely, Boston, Hamburg, Budapest and Rome -- withdrew their bids from consideration. This lonely competition speaks to the fact that, from a purely financial perspective, mega sporting events rarely work out well for the metropolises that host them. ...