In Paul Hammond's Olympic dream, cash registers are ringing.
But Hammond couldn't land a license to sell Olympic merchandise. And now the owner of five Salt Lake Valley toy and hobby shops and the downtown De-Lite Gifts is watching the tourists pass by searching for the coveted 2002 memorabilia he and many other disgruntled retailers can't stock.
"I have nothing against the Olympics, but for years we kept hearing that (the Games) would bring this economic benefit," Hammond said. "It seems like Utahns are paying for (the Games), but out-of-staters are benefitting from it."
But according to those familiar with Olympic economics, business owners who hoped to line their pockets with Olympic gold were short-sighted and shouldn't be surprised.
"If you look at what happened in Atlanta and Sydney, it was the same. Many businesses saw business drop off during the Olympics," said Michael De Groote, director of communication and marketing for the Salt Lake Area Chamber of Commerce. "I think a lot of the misunderstanding is from people who really didn't do their homework."
A little homework shows that businesses at or near venue sites, or those that carry Olympic merchandise, will likely do well. Those farther and farther away from main gathering places and those without the pins and hats that bear the coveted Olympic logos, probably won't.
But that doesn't mean the Olympic economic boon is an overall bust, chamber president and CEO Larry Mankin said.
The addition of event venues like the Utah Olympic Oval in Kearns, improved and expanded transportation systems, new hotel rooms, restaurants and shopping areas all bode well for Salt Lake's future, he said.
"The Olympics are really just kind of icing," Mankin said. "I really think the major benefit of the Games is pre-Games and post-Games. Four billion people have seen us, really for the first time. We couldn't buy that kind of advertising."
The governor's office of planning and budget has projected that between the years of 1996 and 2003, the Games will bring an estimated 35,000 jobs and $1.5 billion in labor income to the state. Additionally, $4.6 billion is projected in Games-related sales, with a net sales tax revenue for state and local government projected to be $76 million.
Banking on the theory of trickle-down economics, eventually that money will get into the hands of businesses that have no Games involvement at all. It seems to have worked that way for Atlanta, which projected nearly $8 million in direct and indirect economic benefits from the 1996 Centennial Olympic Games and has seen its overall economy continue to thrive.
In the years since the Games, city leaders have been able to lure some 21 international companies and add to the job and tax bases, said Jeremy Garlington, vice president of communications for the Metro Atlanta Chamber of Commerce.
"Those are hard lines to draw, but by far the biggest legacy in my mind is that the Centennial Games created a world stage for us," he said. "What events like the Olympics do is create a catalyst for additional growth. Having the exposure that we did led to international interest in the area that is bar none. "
Even those local businesses that have been lucky enough to benefit immediately from the Games say they see the long-term promise that will grow out of this experience.
"I think it brings credibility to the city," said Taylor Vriens, vice president of Modern Display, which has provided tents, carpeting and flags for Olympic venues for SLOC. "It will only increase transient businesses like conventions and sporting events here, and the more people we can bring on a regular basis, the more it builds our economy and the more that trickles down to the people that don't have anything to do with tourism."
Heidi Willis, owner of the embroidery company Creative Expressions, agrees. Willis, who has for years contracted embroidery work for the outdoor clothing manufacturer Marker, is getting a share of the Olympic pie, having done the logos for nearly all of the 2002 Winter Games volunteer and torchbearer uniforms along with other Marker-produced merchandise.
Still, she says she is sympathetic to business owners like Hammond, who wanted to share in the Olympic dream.
"It is really sad because there were a lot of Utah companies that wanted to be involved," she said. "It came down to who had the most bucks and who could pay the huge licencing fees."
E-MAIL: jdobner@desnews.com