More from the realm of “the boy who cried economic impact” by the LA Times:
Organizers for the 1994 World Cup claimed that the U.S. would see a positive impact of $4 billion, yet a post-Cup analysis by economists Robert Baade and Victor Matheson showed a cumulative loss of $5.6 billion to $9 billion. They arrived at this by comparing the gross domestic product in the host region during the World Cup with standard figures in non-Cup periods for the same regions. The average host city lost $712 million, but their estimates indicate that the metropolitan Los Angeles/Long Beach area lost the most of any host city in 1994. Of course, while the population of Los Angeles and the U.S. more generally was losing billions, FIFA and the U.S. Organizing Committee were taking in record profits.
One more example of socializing debt and privatizing profit.