Japan’s Olympics Delay Could Cost $6 Billion Including Hit to Tourism
Rescheduling the Olympics just solved one question. Now numbers are coming in as to how much the one-year delay will cost Japan’s tourism and hospitality sectors.
Japan's Olympic delay has upended years of careful planning by organizers and spawned costly headaches for small businesses, hotels and even pro baseball teams, compounding a $12 billion price tag.
Japan's Olympic delay has upended years of careful planning by organizers and spawned costly headaches for small businesses, hotels and even pro baseball teams, compounding a $12 billion price tag.
The Tokyo Games were postponed until 2021 last week as the coronavirus outbreak deepened, an unprecedented move in the 124-year history of the modern Olympics.
New dates have yet to be set, leaving sponsors and businesses uncertain and scrambling.
For Japan, a one-year postponement will likely cost 641 billion yen ($6 billion), according to Katsuhiro Miyamoto, an emeritus professor of economics at Kansai University who studies the economic impact of the Olympics.