Speculators panic over Games

Press, 12 June 1984, Page 29

Speculators panic over Games

NZPA-AP Los Angeles Stung by the Soviet-led boycott, speculators who hoped to convert Olympic tickets into gold are panicking because of increased supply and decreased demand, ticket brokers say. A San Diego ticket broker, Dion Rich, said if the Soviet bloc had competed the Olympics would

have been a scalper’s paradise but now it was a bonanza for the last-minute buyer. Black market prices are falling and “the boycott has definitely had a bearing on it,” Mr Rich said. “It’s worse than I thought it would be. There’s going to be a lot of tickets to be had. The owner of one of Los Angeles’ biggest ticket agencies, Larry Gold, said his agency was being inundated with telephone calls from speculators who wanted to sell tickets. “People are panicking about their investment,” he said. Mr Gold said demand is likely to increase as the games approach,” but right now the market is very soft for the marginal and preliminary events.” Earlier this year, some ticket agencies were asking more than SUSIOOO (5NZ1540) for tickets to opening and closing ceremonies and JUSSOO (JNZ77O) for a seat at the basketball finals — five times,., face value. •*

Over-the-counter ticket sales began last week, adding to the glut. With the mail-order process all but completed, about 1.2 million tickets went on sale at nine Los Angeles-area walk-up centres. While only 10,000 tickets were sold the first day, which was marred by computer problems, officials claim demand is high.