👋 Good Morning and Happy Sunday! Welcome to the e8 newsletter, a hand-picked collection of business and start-up news, resources for entrepreneurs, job/internship postings, and noteworthy trends that are happening this week! I hope you find this weekly newsletter informative and engaging!
🏊♀️ The Summer Olympics Are Coming But You Can’t Go.
In the past year, sporting event organizers have faced hard decisions on giving spectators the opportunity to come watch their events in person, and those decisions haven’t escaped the 2020 Tokyo Olympic games. After a year of delay, the organizers of the games have decided to barre all overseas spectators from attending as well as limiting how many spectators will be allowed inside venues. Organizers of the games originally budgeted on $800m in ticket sales but following this announcement those projections will most likely not be accurate. Let’s take a closer look at what’s going on!
Submitting a bid to the International Olympic Committee (IOC) to host the Olympics costs millions of dollars. Cities typically spend $50 million to $100 million in fees for consultants, event organizers, and travel related to hosting duties. For example, Tokyo lost approximately $150 million on its bid for the 2016 Olympics and spent approximately $75 million on its 2020 bid. - Investopedia
Tickets sold to overseas spectators will be refunded, the organizers said. Around 600,000 tickets have been sold to individuals based outside Japan and about 4 million to people in Japan. -ESPN
“Our first priority was, is, and remains the safety of all participants of the Olympic Games, and of course the Japanese people to whom we owe so much respect,” quoted International Olympic Committee President Thomas Bach.
Public opinion polls have consistently shown a majority of the Japanese people would prefer the Games to be postponed again or canceled rather than held this year. Worries about the spread of the virus are the top concern. WSJ
A mid-March poll by the Mainichi newspaper found 49% of respondents wanted the Games postponed or canceled, while 45% were open to holding them this year as scheduled. Of the latter group, most thought foreign spectators should be barred. The poll didn’t give a margin of error. - WSJ
Personally I wasn’t planning on taking any trips to Japan this summer to watch the games, so I’m not too affected by the news, however, I think it’s a smart move as the country has been slower at rolling out vaccines compared to other nations. A notable statistic is that Japan has had less people infected than deaths in America (fewer than 500,000) and reassures their stance that they don’t want super-spreaders in their country.
I think the most unrealized pain to the economy that the organizers are overlooking are hotels and restaurants who will be losing major revenue from the lack of tourists. Also a good question that all Olympic game hosts face is how they integrate the extra infrastructure needed to accommodate the extra boom of tourism back into their country and communities. Arenas are pricey to maintain and if sports aren’t generating revenue consistently, then the games end up just being a huge money pit.
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💯Thank You For Reading, See You Next Week!
What's up, my name is Evan Hiltunen! I am a recent finance grad from Indiana University and financial analyst @ Goldman Sachs. I have a strong passion for start-ups, finance, and technology, and I hope you find this newsletter informative!
I’d love your feedback - feel free to email me at firstname.lastname@example.org