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Olympic Cities: Booms and Busts

Boom or Bust? BoomThe Italian city of Turin hoped the Winter Olympics would revitalize a lackluster local economy that had been damaged by the collapse of the Fiat car empire. But the lead-up to the Games was rife with corruption scandals, construction problems and financial woes that led to the near declaration of bankruptcy before the Games had begun. The Olympic Committee was left with a $3.2 million deficit, 2 percent of its $1.58 billion operating budget. Nevertheless the Games left a posit

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Turin, Italy (Winter, 2006)

Boom or Bust? Boom

The Italian city of Turin hoped the Winter Olympics would revitalize a lackluster local economy that had been damaged by the collapse of the Fiat car empire. But the lead-up to the Games was rife with corruption scandals, construction problems and financial woes that led to the near declaration of bankruptcy before the Games had begun. The Olympic Committee was left with a $3.2 million deficit, 2 percent of its $1.58 billion operating budget. Nevertheless the Games left a positive legacy for Turin with the Olympic venues being put to immediate use after the event and boosting tourism and the self-image of a city that had felt in permanent decline before the Olympic spotlight shone on it.

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