Canadian small business owners might not see a boom in sales with the upcoming Olympic games, although they will see a spike in taxes
As winter Olympians gear up to take to the ice in Vancouver this year, Canada may find itself skating on financial thin ice. Officials from the Sport Industry Research Center at Temple University's School of Tourism and Hospitality suggest models for communities to capitalise on the sporting events they host - but whether Vancouver will be able to recoup investment is another matter.
Sport management professor at the research center Emily Spavero says the potential benefits for hosting cities might come from place marketing, economic development, or social welfare. Still, she says that recent problems in the city might make it difficult for Vancouver officials to garner economic benefits.
Spavero points to disputes between social welfare groups, the International Olympic Committee and the Vancouver Organizing Committee as problematic. These issues will make it hard for Vancouver - as the host community - to improve its brand and marketability.
Additionally, she says decreased interest in the Olympics will reduce the likelihood that the games will bring in cash through sales and promotion of local business products and services.
The Vancouver Sun reports that the estimated tax price per individual for the upcoming games ranges from $60 to $300 dollars.
