Concerns are swirling that Japan's dream of hosting the Tokyo 2020 Olympics...
), and others such as South Korea’s Samsung, who through a TOP sponsors programme, have separate deals with the IOC worth hundreds of millions of dollars.Global insurers face a hefty bill if the coronavirus forces the cancellation of the Games, with estimates of the cost of insuring the showpiece running into billions of dollars.
Analysts with the financial services firm Jefferies estimate the insured cost of the 2020 Olympics at $2 billion, including TV rights and sponsorship, plus $600 million for hospitality.NBCUniversal in December announced it had already sold more than $1 billion in advertising commitments in its planned U.S. broadcasts of the Games and was on track to surpass $1.2 billion, Variety reported. The company’s parent, Comcast, agreed to pay $4.38 billion for U.S.
During a recent call with investors, Gunnar Wiedenfels, Discovery’s chief financial officer, suggested a cancel led Olympics was “not going to have any adverse impact on our financials”, Variety reported, adding executives said the company had insurance to safeguard its investment.Most of the domestic spending on the Olympics has been done, so a cancellation would have minimal impact in that regard, economists said.
Tourism, a major contributor to recent Japanese growth, could take a hit, although economists said the greater threat was from the coronavirus spread itself.Nomura Securities had forecast consumption of 240 billion yen from event-related tourism in 2020, which it said would evaporate if the Olympics were cancel led.
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