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Olympic Games in Seoul Made $479-Million Profit

March 29, 1989|From Associated Press

SEOUL — The 1988 Summer Olympic Games in Seoul made a record profit of $479 million, more than double that of the 1984 Los Angeles Olympics, organizers said today.

The figure was about $125 million more than estimates announced by organizers right after the Summer Games ended.

The Seoul Olympic Organizing Committee disclosed the figure in a final report today, preceding its disbandment next week.

The $497-million profit for the Seoul Olympics, the largest Games in Olympic history, eclipsed the record $223-million profit posted for the Los Angeles Olympics.

Seoul's final tally put revenues at $987.5 million, with expenditures of $847.7 million, yielding a book profit of $139.8 million.

But in line with international practice, the official balance sheet did not include cash contributions from individuals and social and business groups, which amounted to in excess of $300 million, committee officials said.

However, observers doubted that the Seoul Games actually generated a profit for South Korea because the balance sheet does not include an estimated $1.5 billion the South Korean government spent on building or expanding stadiums, roads, subways and other facilities. Government officials say a number of the major projects were already planned under a long-term city development program before Seoul was awarded the 1988 Summer Games.

SLOOC officials said they have not decided what to do with the profit, but one senior official, who declined to be identified, said most of the money would be spent for promotion of sports activities.

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