Winter Olympics Prove Financial Headache for Some, Party for Others

PYEONGCHANG, South Korea—Kwon Young-man was thrilled when he learned that the Olympic mogul and halfpipe events would take place at the ski resort across the street from his ski-rental shop. The influx of fans, athletes and officials would mean a windfall, he reasoned—but not because he thought anyone was going to rent gear.

Instead, he closed his rental business and converted it into a bar, Nuts Pub, last year, figuring that booze was the path to a Games bonanza. On a good night, the 34-year-old says, his takings are $10,000...