Expert panel says 'yes' to Amsterdam bid for 2028 Olympics

Amsterdam should pursue a bid for the 2028 Olympic Games as such an event offers a unique opportunity for city rebranding. That was one of the key conclusions of an expert panel of urban development specialists from Barcelona, Turin and London who came together on Wednesday at the ULI/PropertyEU Masterclass at the Provada real estate fair in Amsterdam. The panel discussion was moderated by Greg Clark, senior fellow at ULI.

The Summer Games in particular offer a unique opportunity for a city to reinvent itself, Xavier Mayo, economic adviser at Barcelona city council during the organisation of the 1992 Games, told his audience. He pointed out that Barcelona has seen tourism boom since 1992 thanks to a number of economic spin-offs. 'Before the Games, Barcelona was not doing well at all. We only just paid off the last loans last year, but the city now has ringroads - which we didn't have before - and twice as many four- and five-star hotels. The waterfront used to be only 500 metres long, now it stretches for five kilometres.'

Barcelona is now preparing a bid for the Winter Games in 2022, he added.

Olympic events can significantly accelerate urban regeneration, agreed Valentino Castellani, former mayor of Turin. The Winter Games in 2006 gave Turin a new impulse and following a total investment of some EUR 3.4 bn the city is now just as popular as a tourist destination as Venice or Florence. 'Before the Games, Turin wasn't on the map.' But, he stressed, television broadcasting can make or break such an event. 'If you can't get that right, you shouldn't think about it.'

Similarly, the London Olympics in 2012 have given the regeneration of East London a huge impulse, said Andrew Altman, CEO of the Olympic Park Legacy Company. 'You have to start thinking about the legacy well before the Games start. The Summer Games gave private investors the confidence to invest in East London. We would never have achieved this without the Games.' The total investment budget of the London Olympics is put at £9.3 bn.

Gerard Groener, CEO of listed retail specialist Corio agreed that the Olympics are a 'fantastic marketing machine'. 'But,' he added, the real value only starts after the event. If you can earn back the investment, you should do it anyway. You shouldn't make yourself dependent on whether you win the bid or not. If you have a good team and a good process, success will come.'