Photo: https://deadline.com/gallery/paris-olympics-closing-ceremony-pictures/
Welcome back to The Sunstone Way.
We’ve put the Summer Olympics away for another four years. That closing ceremony on Sunday was by turns emotional, meaningful and a little bit silly.
The silly was creation of movie magic to symbolize the transfer of the Olympic flag from Paris to Los Angeles, where the 2028 Summer Olympics will take place. It doesn’t get much more Hollywood than having Tom Cruise jump off towers and out of planes, does it?
A Perfect Host
Paris and the Olympics made an interesting pair, especially with the Olympic rings lit up on the side of the Eiffel Tower. Whether you loved or hated the opening ceremony, it was unique, and the inclusion of the Parisian landmarks was a treat.
There were complaints, of course. Some said the swimming pool was too shallow. And the water quality of the River Seine was in doubt from the get-go (the heavy rain opening day didn’t help). A trip to French Polynesia sounds nice, and the waves at Teahupo’o were amazing, but hosting an Olympic event 15,716 kilometers (9,765 miles) from the host city makes it tough to see other sports!
But this is the third time Paris has hosted the Olympic Games, and these have to be considered a success overall. One question remains – how much money did they lose?
Making It Pay
For much of the history of the Olympics, the economic argument for hosting the Games was that it would bring the world to your doorstep. Even if you didn’t make your investment back with visitors during the Olympics, the longer-term impact of new facilities and an enhanced reputation would pay off in the long run, right?
Apparently, that argument has been harder to make in recent years – fewer and fewer cities are submitting bids to host the Olympics. At least in terms of immediate return on investment, that makes sense. The 1984 Los Angeles Summer Olympics is the only one in modern times to post an operating profit once the Olympic flame was extinguished.
That was 40 years ago and, as they say, times have changed. Everything is more expensive now, and expectations are higher – high tech everything, computers, lasers, etc.
No worries. Los Angeles has a plan.
Sharing The Joy
One of the LA organizers’ approaches for keeping costs manageable is to share the burden, I mean joy, of hosting events. Three other cities – admittedly, all in Los Angeles County – have agreed to host events, and while it isn’t official yet, Huntington Beach’s Surf City USA will host surfing.
Long Beach has been part of the 1932 and 1984 LA Olympics, and will have multiple events, including rowing in the historic Marine Stadium and sailing off Belmont Shore. Carson boasts Dignity Health Sports Park on the Cal State Dominguez Hills campus, with soccer, tennis, field hockey, and a cycling Velodrome. SoFi Stadium in Inglewood is going to be the swimming venue (really), and that city’s under-construction Intuit Dome will take care of all the basketball.
So the team concept is part of the plan. Using existing facilities will be big as well. That should come as no surprise, with the101-year-old Los Angeles Coliseum hosting the Games for the third time.
All About Partners
Did I mention that none of this could happen without a willingness to partner? There are partnerships between city governments, partnerships with private venues, partnerships with the nonprofit Olympic Organizing Committee.
This very complex set of agreements is the epitome of a PPP – Public Private Partnership – where everyone brings their best to the table and shares it. The whole is greater than the sum of its parts.
I’m already excited about having the next Olympics in my own back yard, and thrilled that it is being accomplished through partnerships. After all, that’s The Sunstone Way!
And remember to always be a Sunstone!
John Keisler
CEO & Managing Partner
Sunstone Management, Inc.
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©Sunstone Management, Inc. 2024