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<p>Since 1976, the Olympic Games have been profitable for eight host cities. Nevertheless, as the 2018 Winter Games begin, questions remain about whether these games will be profitable for South Korea.</p><p>The country converted a rural ski area into an international winter hub for sports. While the new stadium cost about $100 million, South Korea&#8217;s plan to repurpose it for year-round programs following the world event does not make much sense. The population in Pyeongchang County is only about 40,000. Another issue plaguing the plan is cultural: South Koreans are not particularly winter sports people. This point of view is supported by a recent survey undertaken by the South Korean Ministry of Culture, Sports and Tourism that illustrates the plan is not well-received at home.</p><p>Historically, host cities can expect large returns from its investment. Pyeongchang is endeavoring to drive visitors and tourism to this remote area of the country to ensure that the facilities will continue to be used after the Games conclude.</p><p>Over the next decade, the region hosting the Olympic Games is forecast to realize &#8220;up to $40 billion in tourism spending,&#8217;&#8217; according to a report by the Hyundai Research Institute. The returns a host city can realize, includes revenue generated from tourism, advertising and broadcasting fees. The intent, though, also is to use the Olympics to showcase the city and country to the world.</p><p>In order to achieve that, though, venues are built to accommodate athletes and tourists, which creates temporary jobs in areas of infrastructure construction, security, vendors and much more. Conversely, the political tensions between North and South Korea and the rest of the world could cause many &#8211; both tourists and athletes, alike &#8211; to shy away from the spectacle.</p><p>Will the new venues become &#8220;white elephants&#8221; after the games are over? Certainly, South Korea hopes not as evidenced by its intent to develop the region into a winter sports complex. The costs to upkeep these venues, though, can be significant and long term.</p><p>Are the Olympic Games worth the cost? Overall, the verdict remains out for the 2018 Winter Olympics. Pyeongchang has already expended more than $13 billion for the event. As of Nov. 2017, less than a third of the tickets for the various events have been sold. The political tensions with North Korea have chilled the enthusiasm for the games, although it should lessen with North Korea&#8217;s participation. Declining visitors from China and Japan will also negatively affect revenue for South Korea.</p><p>In addition, Yangyang International Airport is the only major airport close enough to service the area. Will this be adequate to accommodate the influx of tourists? Since South Korea is not a destination for winter sports, will tourists travel all the way to the Korean peninsula just for winter activities? Typically, ski and snowboarding enthusiasts favor other countries such as Austria, Switzerland, Canada and the United States as their destiny of choice.</p><p>There is no denying sports on the national and world stage continues to grow in popularity among fans, athletes and advertisers. Only time will tell if South Korea&#8217;s return on investment proves substantial enough now and in the long run for the region.</p><style>
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<div class="metaInfo"><bylineMeta><p>Thomas Sweetz</p><p>Guest Columnist</p></bylineMeta></div><div class="metaInfo"><shirttailMeta><p>Thomas Sweetz, M.S., is an instructor of business at Misericordia University in Dallas, Pa., the first four-year institution of higher education in Luzerne County.</p></shirttailMeta></div>

Their view: Olympic Games do not make sense