Social exchange theory and the mobility paradigm are used to understand residents’ perceptions on the impacts of the 2012 Olympic Games and their relocation intentions. Confirmatory factor analysis on a sample of 212 residents of London city, surveyed in four major parks, revealed that they mostly associated the event with positive economic impacts, negative environmental impacts, and positive socio-cultural impacts. Residents did not associate the Games with any of the negative socio-cultural impacts, negative economic impacts, and positive environmental impacts. Residents are unlikely to relocate if they perceive the event to contribute many positive economic impacts but are more likely to move away if they associate the event with many negative environmental impacts. Implications for event organizers and event impact studies are offered.