【Unlocking Word Meanings】
Read the following words/expressions found in today’s article.
1. impact / ˈɪm pækt / (n.) – a significant effect
Example: Winning a competition has a big impact on one’s self-confidence.
2. leisure / ˈli ʒər / (n.) – activities done to relax and have fun
Example: Running is a form of leisure for many people.
3. benefit / ˈbɛn ə fɪt / (v.) – to help
Example: The new training may benefit the whole team.
4. boost / bust / (n.) – an improvement or increase in something
Example: Good advertising can result in a boost in sales.
5. allocate / ˈæl əˌkeɪt / (v.) – to allot or give something for a specific purpose
Example: The country allocates a big budget for education.
Read the text below.
A professor claims that sporting events can greatly affect local economy.
Sporting events like the Rugby World Cup and the British Open Golf Championships have a big impact on the economy, Professor Simon Shibli of the Sports Industry Research Centre said. Professor Shibli added that accommodation providers, local travel shops, and car parks are some of the industries that generate additional income from sporting events.
In addition, construction, leisure, sports retail, and tourism industries also benefit from the financial advantages that sporting events bring. Even gym memberships and TV and tablet sales increase when there are sporting events.
One of the cities that expect a boost in their economy by holding a sporting event is Madison, Wisconsin, which will host the Champions Tour golf tournament next year. The said tournament is expected to bring Madison $10 million to $15 million. Sunshine Coast, Queensland, in Australia also hopes to boost its economy by A$3.5 million after it hosts the racing event called the International Rally of Queensland.
However, a professor from the London Business School said that sporting events do not always positively affect an economy. Professor Alex Edmans explained that losing in a sporting event may lead to a 0.5% drop in the home stock market.
Another disadvantage of hosting a major sporting event is that the government spends too much money on stadiums and facilities that will not be regularly used. The government also needs to allocate budget to strengthen the host country’s or town’s security. This may not be practical, especially if the government needs to increase the tax collected from the public just to cover the expenses for this type of event.
Enjoy a discussion with your tutor.
· How else do you think big sports events affect the economy?
· Do you agree with increasing taxes to generate budget for sporting events? Why or why not?
· Would you want your country to host a major sporting event? Why?
· If you could choose a big event for your country to host, what would it be and why?