Gold rush: The economic outcome of the 2002 Olympic Winter Games.

• Author: White, Mark H.
• Position: Salt Lake City, Utah - Statistical Data Included - Cover Story

The biggest event to ever occur in the Intermountain West has come and gone, leaving many Utahns standing a little taller and asking "Now what?" Years of preparation and countless hours of volunteerism produced what many observers are calling the best Games in the history of Winter Olympics. Tens of thousands of visitors experienced Utah on a firsthand basis. Thanks to NBC, another three billion observed our scenery, hospitality and, presumably, our ability to host their next family vacation or corporate meeting.

Big Winners

Predictions of bashing by the visiting media went largely unrealized, and the Salt Lake Organizing Committee repaid its $59 million debt to Utah within days of the closing Ceremony. U.S. athletes even won a record number of medals. At first glance, it appears everyone even remotely involved with the 2002 Olympic Winter Games went home a winner. But what do the number crunchers have to say now the banners are coming down and we turn our attention to the future?

Hosting the Olympic Games delivered some obvious benefits to the Salt Lake region. According to Ken Jensen, senior economist with the Utah Department of Workforce Services, the Salt Lake Olympic Organizing Committee employed some 5,000 people. SLOC also created 10,000 temporary positions. During its 17-day run, thousands of athletes, sponsors, media representatives and spectators stayed in hotels, ate at restaurants and purchased souvenirs.

Success during the Games depended largely upon location. Those businesses located near the venues typically fared quite well, while those just slightly farther out experienced little Olympic activity. Restaurants located in the core of downtown Salt Lake City generally saw a dramatic increase in sales. VISA's Olympic sponsorship paid off as Salt Lake area restaurants reported a 57 percent increase in VISA sales during the Games compared to the same period in 2001. For example, Bambara, Martine, Bad, Red Rock and the New Yorker all reported far greater traffic than normal.

Retail operations saw mixed results, depending on their location and product offerings. Visitors primarily came to watch the Games and enjoy the festivities--though some inevitably lined up to purchase Olympic memorabilia. It's too early to determine the exact impact upon retail sales; however, it will likely be significant. For example, retail sales in Sydney posted a net increase of $88 million when that city hosted the Games in 2000. Salt Lake area...