OLYMPICS

What does hosting the 2034 Winter Games mean for Utah’s economy?

Jul 23, 2024, 7:29 PM

SALT LAKE CITY – It was during the closing ceremonies of the 2002 Salt Lake Olympics that Fraser Bullock first hoped Utah would one day host the Winter Games again.

“I said, ‘Wow. This has been magical for our state,’” he recalled. “Let’s do it again!”

Bullock, who heads up the Salt Lake City-Utah Committee bidding for the 2034 Winter Games, jokingly calls budgeting an unofficial Olympic sport.

“Oh, I love the budget,” he said. “I love to just go tinker late at night.”

‘Much more confident’

In 2002, organizers showed the world Utah could host the Winter Games and turn a profit. This time, Bullock said planners are much more confident in their budget ahead of the Games.

“In 2002, we hadn’t done it before,” he recalled. “We were kind of guessing.”

Ahead of the 2002 Winter Games, Utah taxpayers fronted $59 million for the construction of Olympic venues, which was paid back after the Games produced a surplus of $163.4 million.

This time, despite a $2.83 billion operating budget, Bullock said Utah taxpayers won’t have to shell out a dime for the 2034 Winter Games.

“They’re going to make money on the Games,” he said, of Utah taxpayers. “And here’s why: because the games are privately funded through ticketing, through the IOC, and through sponsors.”

Hosting again is not without risk. If Utah were to come out of the games in the red, Utah taxpayers would be on the hook, Brett Hopkins, chief operating and financial officer for the bid, told Deseret News.

But the Utah Committee for the Games is confident in the working budget and has built in contingency funds to hopefully cover any surprises.

Bullock added, “What a great return on something. You don’t even have to invest it. Talk about ROI – return on investment – that’s a pretty good one.”

What the numbers say

But don’t just take his word for it. The University of Utah’s Kem C. Gardner Policy Institute has studied and crunched the numbers, estimating a cumulative $6.6 billion in economic impact for Utah between now and the 2034 games.

The economic projections include almost $3.9 billion in state gross domestic product, more than 42,000 job-years of employment, and $2.5 billion in personal income.

“It is an economic win for the state and something that is pretty hard to replicate in any other way,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute.

Gochnour and Bullock say Utah is well situated to pull it off again, in part, because we don’t need to build any new venues. Money left over from the 2002 Olympics helped maintain Utah’s Olympic facilities for years. When that ran out, the legislature stepped in, allocating close to $95 million in state funding so far to keep the venues in use.

The goal, this time around, is to leave behind a larger fund, “to make sure that going forward, no taxpayer money is required to keep the venues up to date operating and great for our communities and for our kids,” Bullock said.

Other economic impacts

Hosting the Games can also bring other economic wins. For example, ahead of the 2002 games, federal funds were fast tracked to Utah to build the Trax light rail system and complete several highway improvement projects.

“When you’re going to be host to the world, you get better in every way,” said Gochnour. “You know, our restaurants have to get better. Our hotels have to get better. Our population has to take care of the things that are important to us.”

Just as athletes train and prepare now, hopeful to one day compete on a world stage, Gochnour said Utah must put in the work between now and 2034 for a successful Olympics.

“We’ve delivered on that vision of becoming a winter sports capital,” she said. “That’s our living legacy and that’s a plus to us going into 2034. We didn’t have that before 2002. It’s living today.”

Olympics

The Olympic rings at the Utah Olympic Park...

Will Graves National Writer, AP

Trump administration plans to pressure the IOC for a uniform transgender athlete ban

President Donald Trump is ready to take his fight against transgender athletes to the International Olympic Committee.

5 days ago

A group of disabled Marines spent part of this week skiing and snowboarding while bonding off the m...

Mike Anderson

Nonprofit helps disabled Marines through skiing and camaraderie

Through Semper Fi & America's Fund, injured Marines like Annika Hutsler and Marine trainers like Jon Lujan can work toward new goals.

24 days ago

A delegation from the 2030 French Alps Olympic Games will visit Utah in the upcoming days to gain i...

Shara Park

French Alps 2030 Winter Olympic and Paralympic delegation visits Utah

A delegation from the 2030 French Alps Olympic Games is visiting Utah in the upcoming days to gain insight on hosting a successful Games.

1 month ago

International Olympic Committee President Thomas Bach looks around the area near the Hoberman Arch ...

Lisa Riley Roche, Deseret News

Why the New York Times says Utah still could lose the 2034 Winter Games

A Tuesday New York Times story suggests Salt Lake City could lose the 2034 Winter Games over the issue of international doping.

1 month ago

Annika Hutsler's dream is to become a Paralympian and represent the United States once again as an ...

Alex Cabrero

Marine veteran moves to Utah to chase dreams of U.S. Ski Team

On any given day, you can find people at Liberty Park in Salt Lake City working to stay in shape. Annika Hutsler is one of them.

2 months ago

A display of the Olympic rings is set up on Trocadero plaza that overlooks the Eiffel Tower, after ...

Martha Bellisle, Associated Press

US Olympic and Paralympic officials put coach on leave after AP reports sexual abuse allegations

The U.S. Olympic & Paralympic Committee has placed an employee on administrative leave after The Associated Press reported that one of its coaches was accused of sexually abusing a young biathlete.

2 months ago

Sponsored Articles

holiday gift basket with blue tissue paper and gingerbread cookies...

Kneaders Bakery & Cafe

Holiday hacks for a stress-free season

Get more out of your time with family and loved ones over the holidays by following these tips for a stress-free season.

2 computer techs in a computer shop holding up a computer server with the "hang loose" sign...

PC Laptops

A comprehensive guide to choosing the right computer

With these tips, choosing the right computer that fits your needs and your budget will be easier than ever.

crowds of people in a German style Christmas market...

This Is The Place Heritage Park

Celebrate Christkindlmarket at This Is The Place Heritage Park!

The Christkindlmarket is an annual holiday celebration influenced by German traditions and generous giving.

Image of pretty woman walking in snowy mountains. Portrait of female wearing warm winter earmuff, r...

Lighting Design

Brighten your mood this winter with these lighting tricks

Read our lighting tips on how to brighten your mood in the winter if you are experiencing seasonal affective disorder.

A kitchen with a washer and dryer and a refrigerator...

Appliance Man

Appliance Man: a trusted name in Utah’s home appliance industry

Despite many recent closures of local appliance stores, Appliance Man remains Utah's trusted home appliance business and is here to stay.

abstract vector digital social network technology background...

Les Olson

Protecting yourself against social engineering attacks

Learn more about the common types of social engineering to protect your online or offline assets from an attack.

What does hosting the 2034 Winter Games mean for Utah’s economy?