"Brazil's $900 million World Cup stadium is now being used as a parking lot"
http://www.env-econ.net/2015/05/brazils-900-million-world-cup-stadium-is-now-being-used-as-a-parking-lot-vox.htmlJoseph Stromberg:
Brazil spent about $3 billion building 12 new or heavily refurbished stadiums for last year's World Cup. Officials promised these taxpayer-funded venues would continue to generate revenue for years, hosting concerts, pro soccer games, and other events.via www.vox.com
But as Lourdes Garcia-Navarro at NPR reports, most stadiums are failing to generate much revenue at all. The most expensive one, in Brasilia, is most regularly used as a site for a municipal bus parking lot. ...
There are economists who study the potential economic impact of these events on the cities that host them, and their findings are unequivocal: they don't pay. As Victor Matheson, an economist at College of the Holy Cross, told my colleague Brad Plumer, "My basic takeaway for any city considering a bid for the Olympics is to run away like crazy."
