RISK: OLYMPIC GAMES

Watch the video titled “Why Hosting The Olympics Isn’t Worth It” by Business Insider.

WARM UP: RISK

Task 1: Decide which item in each category carries the most and least amount of risk?

Investment Money Health Travel

Amazon Cash Smoking Airplane

Shell Credit Card Alcohol Train

Tesla Stocks and shares Diet Motorbike

Task 2: Discuss your reasoning with a classmate.

WHAT’S THE RISK?

Discuss the following questions as a class.

1. Describe a risk you took in your personal life. What was the outcome?

2. Describe a risk you took in your professional life. What was the outcome?

3. Describe the common risks that businesses face.

4. How can governments minimise risk for new businesses?

5. Do businesses have to take risks in order to be successful? Explain.

ESL Pals 1 Business English

 DESCRIBING RISK
Task 1: Study the words that are used to describe risk, then answer the questions.

slight substantial immediate potential

tremendous considerable negligible partial

1. Which words are used to describe a high level of risk?

2. Which words are used to describe a low level of risk?

3. Which words are used to describe risk in the future?

Task 2: Use the words to describe how each situation below could affect your company.

a. Climate change will cause a decrease in sales.

b. All employees will leave the company.

c. Strong competition will force the company to close.

d. New laws will cause a 50% downturn in yearly revenue.

e. The company’s suppliers will stop supplying products.

f. A pandemic will cause the business to close.

ESL Pals 2 Business English

 RISK COLLOCATIONS
Create collocations using the words in the box, matching them to their definitions.

Calculated Measure Avoid

Identify Eliminate Worth the

1. ____________ risk: A process of listing potential risks.

2. ____________ risk: To quantify the amount of risk.

3. ____________ risk: When something is high risk but you still want to do it.

4. ____________ risk: To stay away from any risk.

5. ____________ risk: A chance taken after an estimation of the possible outcomes.

6. ____________ risk: To remove any risk.

Task 2: Complete the collocations to complete the sentences below.

a. The cautious investor always _________________ risk associated with volatile stocks
and instead focused on building a diversified portfolio of stable assets

b. The entrepreneur's success story was built on taking _________________ risks,

carefully analysing market trends before investing in new ventures.

c. As part of their financial strategy, the company always _________________ risk

against any potential rewards, ensuring they make informed decisions.

d. The risk management team's primary goal is to _________________ risk factors early
in the project to prevent potential disruptions.

e. By implementing rigorous quality control measures, the manufacturing company

aims to _________________ risks from the project.

f. Despite the uncertain market conditions, the bold decision to expand overseas
seemed _________________ risk, given the potential for significant profit gains.

Task 3: Let’s use these collocations to help us analyse the video in exercises 5, 6 and 7.

ESL Pals 3 Business English

 WHY HOSTING THE OLYMPICS GAMES ISN’T WORTH IT
Task 1: Complete the quotes from the video, using the words from the box.

environmental real estate revenue over budget billion

“Hosting is expensive, every game in the last 50 years has gone ______________. The 2014
Sochi Winter Games went over it's 10 billion dollar budget by 41 billion dollars”

“Cities require about 35 different athletic sites. They require an Olympic village that costs
one and a half, two, three ______________ dollars, a media and television production facility,
a ceremonial space, and green space. Also, they require transportation infrastructure.”

“Cities used to make a profit from the games because they collected a lot of ______________
in TV rights. But recently, the International Olympic Committee has taken a larger
percentage. In the 90's the IOC took 4% of revenue. Compare that with the 70% it pocketed
from the 2016 Rio Games.”

“The newly built stadiums can cost up to 30 million dollars a year to maintain, and they are
often on valuable ______________. Most cities don't know what to use them for after the
games. Those facilities fall into decay if they're not kept up, and that hurts property value.”

“There is a lot of ______________ disruption. For the Winter Olympics in PyeongChang they
destroyed a whole mountainside, including trees and animals that are close to extinction.”

Task 2: Discuss the following questions as a class.

1. In your own words, explain why hosting the Olympics is not worth it anymore for
many countries. Use the information listed above.

2. For any potential host cities, how would you describe the risk of overspending?

3. How would you describe the risk to the environment?

4. Can you identify the risks involved in hosting the Olympics?

5. How could a host city eliminate the risks?

6. Do you believe hosting the Olympics is worth the risk?

ESL Pals 4 Business English

 VIDEO ANALYSIS
Task 1: Read and discuss the quotes taken from the video in the boxes.

“In 2014, IOC President Thomas Bach suggested a list of 40 actions the IOC could take to
shape the future of the Olympic Movement. Among them, evaluate bid cities by assessing
key opportunities and risks, reduce the cost of bidding, and include sustainability in all
aspects of the Olympic Games.”

● Do you agree that the IOC needs to take action to change the Olympics? Why?
● After watching the video, what actions do you think would be effective?

"After each financial failure, fewer cities bid to host the following decades' games.
Chicago spent an estimated $100 million on the campaign to host in 2016, and they lost.
Boston famously pulled its bid for the 2024 Summer Games, after citizen group No
Boston Olympics convinced the city otherwise. 12 cities bid for the 2004 games, five for
2020, and just two for the 2022 Winter Games: China and Kazakhstan."

● Why do you think Boston’s citizens protested against the Olympics?

● Are there any advantages to hosting the Olympics?

"Some experts support a different idea to keep the Olympics alive. Get rid of the bidding
system and pick a permanent host. Somewhere that has built-in facilities, infrastructure,
and venues. However, the IOC is not in favour of this idea."

● Do you agree that a permanent host city is the best way to save the Olympics?
● Why do you think the International Olympic Committee is against the idea?

“Despite its flaws, the Olympic Games is still a people pleaser. The IOC polled candidate
host cities for the 2020 Games, and 70% of Tokyo, 76% of Madrid, and 83% of Istanbul
were in support. So maybe the Olympics aren't dying, but it's certainly up to the
International Olympic Committee to keep the games in check. Both on the field and off.”

● Would you want to see the Olympics hosted in your city? Explain.
● What changes to the Olympics do you foresee in the future?

ESL Pals 5 Business English

 GRAMMAR: THE SECOND CONDITIONAL
Task 1: Study the theory below.

We use the second conditional when we talk about imaginary or unrealistic events.

Task 2: Complete the following sentences using the correct structure.

1. If they (have)___________ a million dollars, they ___________ travel the world.

2. He ____________ be very excited if he (meet)____________ a famous person.
3. I _______________ go to the 1920s if I (can)_______________ time travel.

Task 3: Use the second conditional correctly to discuss the following questions.

1. If you were the president of your country, would you want to host the Olympics?

2. If the Olympics were hosted in your city, would you attend?

3. If the Olympics were cancelled forever, would many sports die out?

4. If the TV revenues were shared equally, would more countries bid to host it?

5. If the Olympics had a sustainability plan, would more countries want to host it?

ESL Pals 6 Business English

HOMEWORK
Watch the video “How The Tokyo Olympics Became The Most Expensive Games Ever”

TOKYO OLYMPICS
Task 1: Decide if the following statements based on the video are true or false.

a. The Tokyo Olympics are the cheapest summer games ever.

b. The Japanese public is largely in favour of the Olympics.

c. There is a guarantee that the Olympics will happen.

d. The city of Tokyo, the International Olympic Committee, and athletes are not losing
money.

e. The delay is the only problem with the Tokyo Olympics.

f. The cost estimate for the Tokyo Olympics in 2013 was $26 billion.

g. The national stadium was built within budget.

h. The gymnastics centre's design changed, but the cost stayed the same.

Task 2: On a separate piece of paper, write detailed answers to the following questions.

1. Why are cost overruns at the Olympics so common?

2. What factors contributed to Japan's high expenditures for the Olympics?

3. How did the year-long postponement affect the operational costs of the Olympics?

4. What did Tokyo have to cover in terms of maintenance and security for the venues?

5. Why were many of the warm-up events cancelled?

6. What is the controversy surrounding the decision to hold the games?

7. What is the IOC's interest in the Olympics?

8. How does the IOC make most of its revenue?

9. What is the estimated cost of the added COVID precautions for the Olympics?

10. Regarding the continuation of the Tokyo Olympics, describe the difference between
business’ wants and needs, and Tokyo’s citizens' wants and needs.

ESL Pals 7 Business English

 RISK: IDIOMS
Task 1: Create the idiom by choosing the correct word.

1. Throw caution to the ____________.

a. wind. b. rain.

2. Stick your ____________ out.

a. leg. b. neck.

3. To play it ____________.
a. safe. b. dangerous.

4. A ____________ bet.
a. safe. b. risk.

5. A ____________ situation.
a. dicey. b. dice.

Task 2: Match the following meanings (a-e) to the correct idioms above (1-5).

a. to be careful and avoid risk or danger.

b. risk incurring criticism or anger by acting or speaking boldly.

c. To act in a completely reckless manner.

d. slightly dangerous or uncertain.

e. someone or something likely to be successful.

Task 3: On a separate piece of paper, write detailed answers to the following questions.

1. Describe a situation in business when it is necessary to throw caution to the wind.

2. Have you ever stuck your neck at work? Describe what happened.

3. Describe a situation in business when it is necessary to play it safe.

4. Do you think investing in Apple stock is a safe bet? Explain

5. Describe a dicey situation that you experienced and what you learned from it.

ESL Pals 8 Business English