Expected Economic Profits from Pyoungchang Winter Olympic and Methods to Maximize Those Profits

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JIWON KANG
October 25, 2011

“Expected economic profits from Pyoungchang winter Olympic and Methods to maximize those profits”

Table of Contents

I. Abstract ……………………………………………………………………………..3 II. Introduction …………………………………………………………………………4 III. Section 1 : Previous Winter Olympic
A. Torino Winter Olympic Games 2006 …...............…………………………...4 B. Vancouver Winter Olympic Games 2010 …………………………………...4 C. Analysis of existing Torino Winter Olympic Games…………………….......5 IV. Section 2 : Domestic aspects’ profits

A. Transportation Industry ………………………………………………….......5 B. Accommodation Industry …………………………………………………...6 C. Traditional Food Industry …………………………………………………...6 V. Section 3 : International aspects’ profits

A. Advertising …………………………………….……………………………7 B. Gate way of Asian Trade market ………..……...…………………………...7 C. Tourism Industry ………………………….…………………………………8 VI. Conclusion ………………………………………………………………………….8 VII. Bibliography …………………………………………………………………..……9

Abstract
Pyeongchang will host Winter Olympic Games in 2018. As earlier winter Olympics show evident, hosting winter Olympic will earn huge profit, but not every earlier winter Olympics could make profit. Therefore a lot of efforts are required to make profits and maximize those profits. Winter Olympic could make benefit in accommodation, transport, traditional food, advertising, trade and tourism industries. Each industry can make different profits and requires different efforts to be followed for maximizing profits.

The president of International Olympic Committee, Jacques Rogge commented that Pyeongchang’s victory, which means becoming hold winter Olympic in Pyeongchang, as “Patience and perseverance have prevailed.” Pyeongchang has contributed huge efforts to hold the winter Olympics games. And finally, 2018 winter Olympic is planned to be located in small region of Korea, Pyeongchang. 2018 winter Olympic Games will be the 4th international sports event of Korea. Korea has opened Seoul summer Olympic Games in 1988, Korea and Japan World cup in 2002, and Pusan Asian Game in 2002. As can be seen from the data which is comparison of major economic indicators: Korea and Japan and performed by Bank of Korea (Kim, Rhee, Yu, Koo, & Hong, 1989, pp.59), after a year from Seoul Olympic Games, Korea’s GNP growth rate was 8.5%. Also, in the 1988, the year of Seoul Olympic, the increasing rate of GNP was 12.1%. These percentages indicate that opening Olympic Games could make huge development of nation economic. Not only GNP but also many other economic indexes such as current account and wholesale price showed big increasing rates. As the data indicates that Korea’s current account shows growth rates which are 98.5% in 1987, 14.2% in 1988 and 9.5% in 1999. Also, whole sale price of Korea had increased as 2.7% in 1988 and 2.8% in 1999. These indicators clearly show that there were some definite economic developments in Seoul Olympic and after the Seoul Olympic. It also provides evident of holding Olympic Games can make economic impact to host country. In other words, holding Pyoungchang winters Olympic in 2018 can make a lot of economical profits and efforts should be offered to maximize those profits.

Before Pyeongcang Olympic in 2018, there were Torino winter Olympic in 2006 and Vancouver winter Olympic in 2010. These two countries, Italy and Canada, could get lots of economic benefit from Winter Olympic Games. And they also keep trying to improve and sustain their economic profit from Olympic. By looking threw these two countries’ real cases, Pyeongchang can learn many things about how to make profit in Olympic and how to maximize those profits. As Frey indicated that hosting Olympic could be good chances to develop many things in hosting country. And also those chances should be sustainable. Not only limited in Olympic season, but also impacts on after Olympic (2008, pp.4). As can be shown in Bondonio and...
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