Hosting the Olympics: A city's make-or-break impression

Purpose: Cities all over the world rebrand themselves in order to refresh their image and attract/continue attracting tourists, industry or whichever group they hope to engage. Cities have tended to rebrand themselves based on varied social events and festivals such as fashion (Milan), food and beverages (Munich), folklore dancing (Rio de Janeiro), film (Cannes) and many more. The most powerful platform for rebranding a city is hosting the Olympic Games. Despite the fact that many city planners and decision-makers tend to perceive the Olympic Games as the highest yielding investment for reinforcing a city image, in the last three decades many host cities have lost millions of dollars, with this rare opportunity to leverage their city's image becoming one big fiasco. The aim of this paper is to present the key rules for making hosting the Olympic Games a very profitable business, in terms of reinforcing the city image. Design/methodology/approach: Since some host cities are more established in economic terms and some are less, two different approaches (the "Barcelona model" and the "London model") are discussed. Findings: The Barcelona model shows how a city can leverage its image, based on the Olympic Games, to become more familiar to millions of potential tourists, and the London model shows how an entire country can also profit from the fact that its capital is hosting the Olympic Games. Originality/value: The Barcelona model shows how a city can leverage its image, based on the Olympic Games, to become more familiar to millions of potential tourists, and the London model shows how an entire country can also profit from the fact that its capital is hosting the Olympic Games.