Slow Ticket Sales Raising Questions About PyeongChang Games Profits
Slow ticket sales for the PyeongChang Olympic Games next February reportedly "raise questions" about whether the Games "will make any money, or post a loss," according to Ko Dong-hwan of the KOREA TIMES. The Gangwon Province city has nearly completed a 35,000-seat outdoor stadium "to be used for opening and closing ceremonies." Almost $10B has been spent on road upgrades and "extending a high-speed rail network to the venues," where tickets will cost $18-$1,340. But organizers have sold only 30% of the target of 1.1 million tickets. The local Games committee's $2.5B budget is still $270M short. Hyundai Research Institute predicted the Games "could draw one million foreign tourists to the city every year for a decade," bringing the nation almost $40B in economic benefits. But the think tank recently acknowledged that the numbers "so far no longer matched the projections." The slow ticket sales are attributed "more to locals." While more than 56% of foreign buyers have bought the 320,000 tickets targeted by organizers, locals have purchased only 22% of the target 750,000 tickets (KOREA TIMES, 11/14).