The 2014 Winter Olympics in Sochi are projected to attract 6,000 competitors and 1.2 million spectators. More crucially, in addition to the vast sums of money and the pressures of worldwide attention, hosting the Olympic Games has repercussions on all levels of the city's and country's social and economic culture. Sochi has been described as a "modern day fairy tale" for its location near the Black Sea in Russia. The city was built for the 1972 Summer Olympics but construction was not completed in time. Sochi hosted summer events such as tennis, swimming, and athletics and is now considered by some to be Russia's winter sports capital. It will host the first ever Olympic ice hockey tournament this year. Sochi's economy is based on tourism and service industries. In order to accommodate the large number of visitors who will come to watch the games, many hotels have been built or renovated. There are also many other entertainment options such as museums, theme parks, and shopping malls. Of particular note is the fact that Soči has one of the highest rates of broadband internet usage in Russia at 97%. When it comes to unemployment, while there was some expected job loss due to the Olympics, most experts agree that the overall impact on the local economy will be positive. A study conducted by Oxford Economics found that Sochi would experience only a slight negative effect from the closing of its financial services industry during the period from 2015 to 2017.