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Review of Literature
Economic Impact
Sport arenas and stadiums have become increasingly well-known in cities around the world. These venues are often seen for economic growth and development, attracting tourism, creating jobs, and stimulating local businesses “Using this data it was calculated that the World Cup generated an economic impact of US$1.35 billion of output (sales), US$307 million of income, and US$713 million of value added for South Korea. The results also showed that foreign World Cup tourists provided a much higher yield compared with foreign leisure tourists, spending an estimated 1.8 times as much. Inclusion of the expenditure by non-World Cup tourists (42.3%) in the calculations of impact.” (Lee & Taylor, 2005). However, there is a growing concern about the impact of these facilities on public services and the overall economic well-being of a city. Several studies have examined the economic impact of sport arenas and stadiums and have found mixed results. Some studies suggest that these facilities can generate significant economic benefits such as increased tourism revenue and job creation.
Resource And The Cost
While sport arenas and stadiums may bring economic benefits to a city, they often come at the cost of resources away from public services. This can lead to a pressure on public funds and a lack of investment in critical areas such as education, healthcare, and infrastructure (Ziakas & Boukas, 2014). “According to Sport and Cultural Tourism in Post-Olympic Athens, show urban growth incentives and services such as roads, metro rail, schools, and hospitals, without considering the relation risks that can create pressure on the landscape and further on public services.” Also, stadiums can serve as catalysts for urban development, attracting additional investments in infrastructure, transportation, and commercial development. Which this can lead to job creation, increased property values, and overall economic growth for the city. After all, it’s important to carefully consider the long-term impact of these developments (Davies, 2008).Without proper planning and oversight, stadiums can become financial burdens and underutilized infrastructure that drain resources away from essential public services. Nevertheless, it can have crucial evaluate for the long-term sustainability of these investments and the people who help the events run like clean and server food and etc..
The Promises vs. Reality of Economic Benefits
The promises of economic benefits from stadium developments often do not align with the reality. Many cities make grand promises of increased tourism, job creation, and economic growth when building sport arenas and stadiums. Despite, these promises often to fail to materialize, leaving behind underutilized facilities that taxpayers and there’s a lack of strategic planning and sustainable management. Which many cities fail to have a clear plan for how each venue should be used and by who, what, leading. Anyhow, post-event can utilization facilities and have less consequences of for people that live in the cities. People who are taxpayers for the cities are left to maintaining and operating these facilities, even if they are not generating the expected economic benefits. They provide numerous benefits to improving the quality of living in cities (Abdelhamid & Elfakharany, 2020). Moreover, many public parks that are developing suffer from abandonment and underutilization due to factors such as lack of public awareness, poor maintenance, inadequate facilities, and a lack of sports and social activities which it happens more often. The growth of sport arenas and stadiums within a city often aggravates resources away from essential public services, leading to displacement in promised economic benefits and leaving behind harsh event’s for the people that live in those city’s.(Baade & Dye, 1988)(McCarthy, 2009)
Evaluating the Long-term Economic
Evaluating the long-term economic implications of stadium construction is crucial. According to The National Study of Neighborhood Parks in America, “it was found that walking loop with exercise equipment stations at distance around the loop have increased the number of park users by 80%.” (Ziakas & Boukas, 2014). It is important to consider the potential economic benefits and costs associated with building sport arenas and stadiums. This includes assessing the potential for sustainable management and utilization of these facilities post-event to ensure that they contribute positively to the local economy in the long run. The growth of sport arenas and stadiums within a city often aggravates resources away from essential public services.
Displacement and Opportunity Cost
Displacement refers to the diversion of resources away from essential public services, such as education and healthcare, to fund the construction of sports arenas and stadiums. ( insert a graph on how stadium loss property value).(Bradbury, 2021) By diverting resources toward the construction and maintenance of sports complexes, cities may be neglecting other critical needs of their community. This can result in missed opportunities for economic and social development that could have been achieved through investing in areas like education, healthcare, and infrastructure. Overall, the growth of sport arenas and stadiums within a city can lead to significant consequences for families. Stadiums in the city have the potential to be both a boon and a burden for local economies (on the bottom insert image how many people work together to host events by Post-Event Leverage and Olympic Legacy) one hand, stadiums can attract tourists and visitors, driving economic activity through increased spending on accommodation, dining, and entertainment. In spite of the construction and maintenance of stadiums can come at a high cost for families. This can lead to a burden on local economies, especially if the economic benefits of the stadiums do not outweigh the costs.
Critical Review
A critical review of stadium investment and economic outcomes for cities reveals mixed results. While some studies have found positive economic impacts from stadiums, such as increased tourism and job creation, many others argue that these benefits are often amplified. In fact, research has shown that sports facilities do not necessarily lead to significant economic development or increased employment opportunities.
References
Abdelhamid, M M., & Elfakharany, M M. (2020, February 1). Improving urban park usability in developing countries: Case study of Al-Shalalat Park in Alexandria. https://doi.org/10.1016/j.aej.2019.12.042
Baade, R A., & Dye, R F. (1988, July 1). An analysis of the economic rationale for public subsidization of sports stadiums. Springer Science+Business Media, 22(2), 37-47. https://doi.org/10.1007/bf01287322
Baade, R. A., Baumann, R., & Matheson, V. A. (2008). Selling the game: Estimating the Economic Impact of professional sports through taxable sales. Southern Economic Journal, 74(3), 794–810. https://doi.org/10.1002/j.2325-8012.2008.tb00864.
Bradbury, J C. (2021, August 17). The impact of sports stadiums on localized commercial activity: Evidence from a Business Improvement District. Wiley-Blackwell, 62(1), 194-217. https://doi.org/10.1111/jors.12560
Davies, L E. (2008, February 1). Sport and the Local Economy: The Effects of Stadia Development on the Commercial Property Market. https://doi.org/10.1080/02690940801906718
DEHRING, C. A., DEPKEN, C. A., & WARD, M. R. (2007). The impact of stadium announcements on residential property values: Evidence from a natural experiment in dallas‐fort worth. Contemporary Economic Policy, 25(4), 627–638. https://doi.org/10.1111/j.1465-7287.2007.00077.
Hemmonsbey, J. & Tichaawa, T.M. (2019). STRATEGIC PLANNING OF SPORT TOURISM EVENTS ON DESTINATION BRANDS: EXAMINING THE ROLE OF HOME-GROWN SPORT. GeoJournal of Tourism and Geosites, 26(3), 794–807.https://doi.org/10.30892/gtg.26310-398
Jago, L K., Dwyer, L., Lipman, G., Lill, D V., & Vorster, S. (2010, October 22). Optimising the potential of mega‐events: an overview. Emerald Publishing Limited, 1(3), 220-237. https://doi.org/10.1108/17852951011078023
Lee, C., & Taylor, T. (2005, August 1). Critical reflections on the economic impact assessment of a mega-event: the case of 2002 FIFA World Cup. https://doi.org/10.1016/j.tourman.2004.03.002
McCarthy, J. (2009, October 19). Review Essay: Familiar Competitors on a New Playing Field: Sports Venues and Urban Development in Contemporary America. SAGE Publishing, 8(4), 330-338. https://doi.org/10.1177/1538513209347834
Swindell, D., & Rosentraub, M S. (1998, January 1). Who Benefits from the Presence of Professional Sports Teams? The Implications for Public Funding of Stadiums and Arenas. Wiley-Blackwell, 58(1), 11-11. https://doi.org/10.2307/976884
Ziakas, V., & Boukas, N. (2014, May 31). Post-Event Leverage and Olympic Legacy: A Strategic Framework for the Development of Sport and Cultural Tourism in Post-Olympic Athens. https://doi.org/10.30958/ajspo.1-2-2
