Games revenue estimate

PUBLISHED : Friday, 17 December, 2010, 12:00am
UPDATED : Friday, 17 December, 2010, 12:00am

Revenue of HK$853 million could be generated from hosting the Asian Games in 2023, the government estimates. Eighty per cent would come from sponsorships and the rest from ticket and souvenir sales.

This money would be on top of HK$500 million in 'economic benefits' it estimates would be generated by the creation of more than 10,000 jobs and the arrival of some 66,000 visitors to attend the Games.

But no income from selling the television rights would be retained, the Home Affairs Bureau said in a paper to be discussed at a Legislative Council home affairs panel meeting today. The Olympic Council of Asia would have exclusive TV rights.

The government earlier cut its estimate of the direct cost of hosting the Games from HK$14.5 billion to HK$6 billion. The paper says staffing will cost HK$752 million, broadcasts another HK$627 million and hosting the accompanying Asian Para Games up to HK$372 million.

Opposition in Legco remains despite the budget cuts. Democratic Party legislator Kam Nai-wai is likely to move a motion at today's meeting against bidding to host the Games.