Cost of the Olympic Games

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The Cost of the Olympic Games is a unique megaproject of the host city and country to build the infrastructure and venues to host either the summer or winter games. In modern times, budgets allotted to the hosting the Olympic games have reached into millions and billions of US dollars and often produces profits and losses of the host city.

The table below is listing the not so hard costs of the Games. Due to the multitude of reporting methods, the table contains both the operating costs and total final costs (which include various infrastructure upgrades and security costs), known and not estimated. Net loss or gain are measured against the operating budgets. Intangible costs (such as to the environment and society) and not so total benefits (through tourism) are not included here.

Table

Host City Year Final Operating
Budget
Total Costs Taxpayer Contribution Profit/Loss Year Debt Paid Off Notes
United Kingdom London Summer Olympics 1948 £761,688[1]
Australia Melbourne Summer Olympics 1956 £5.4 million[1]
Japan Tokyo Summer Olympics 1964 US$72 million[1]
Mexico Mexico City Summer Olympics 1968 US$176 million[1]
Canada Montreal Summer Olympics 1976 CDN$207 million[2] CDN$1.41 billion[2] Decrease CDN$990 million[2] 2006 A special tobacco tax was introduced in May 1976 to fund the loss
United States Lake Placid Winter Olympics 1980 US$49 million[3] US$169 million[3] Decrease USD $8.5 million deficit[citation needed]
Soviet Union Moscow Summer Olympics 1980 US$231 million[4] US$1.35 billion[4] Decrease USD $1.19 billion deficit[citation needed] This was the year that The United States and 64 other Nations boycotted due to the invasion of Afghanistan.
Socialist Federal Republic of Yugoslavia Sarajevo Winter Olympics 1984 US$55.4 million[5] US$110.9 million[5] Increase US$10 million [5] The first Olympics since 1932 to make a profit
United States Los Angeles Summer Olympics 1984 US$320 million[6] US$413 million[6] $75 million[7][8] Increase US$250 million[9] 1984 The first Summer Olympics since 1932 to make a profit[8]
Canada Calgary Winter Olympics 1988 CDN$438 million[10] CDN$899 million[10] CDN$425 million[10] IncreaseCDN$32 million[10]
South Korea Seoul Summer Olympics 1988 USD $4 billion[citation needed] Increase US$300 million[9] 1988 A record profit for a government-run Olympiad[citation needed]
Spain Barcelona Summer Olympics 1992 US$850 million[citation needed] US$9.3 billion[11] Increase US$10 million[9] 1992 Operating costs were put at 9.1% of the total cost. The vast majority of spending was to improve infrastructure.[12]
France Albertville Winter Olympics 1992 USD $1.2 Billion on infrastructure[13] Decrease USD $67 million[13]
Norway Lillehammer Winter Olympics 1994 US$1.1 billion[14][15] US$0.25 billion[14][15]
United States Atlanta Summer Olympics 1996 US$1.8 billion[citation needed] US$609 million[7] Increase US$10 million[citation needed] 1996 Despite the profit, Atlanta's heavy reliance on corporate sponsorship drew criticism of commercialization
Japan Nagano Winter Olympics 1998 ~US$10 billion in new infrastructure[16] Net loss[citation needed] Estimated 2015[16] The full cost of the Nagano Olympics is unknown, due to Nagano Olympic Bid Committee vice-secretary general Sumikazu Yamaguchi ordering accounting documents burned[16]
Australia Sydney Summer Olympics 2000 A$6.6 billion [17][18] A$3 billion (A$363.5 million borne by the public)[citation needed] A$1.7–2.4 billion[19] Decrease USD $2.1 billion loss [20] 2000
United States Salt Lake City Winter Olympics 2002 US$2 billion [21] US$1.2 billion [22] US$600 million[23] Increase US$101 million[24] 2002 Additional security costs were incurred in the wake of the September 11 attacks
Greece Athens Summer Olympics 2004 US$15 billion[25] US$9 billion[26] US$6.2 billion[27] Decrease US$14–15 billion[28] The cost of the 2004 Athens Summer Games has been cited as a contributor to the Greek government-debt crisis. Many of the venues lie vacant and rotting; the Independent newspaper reports as many as 21 out of 22 are unused.[29]
Italy Torino Winter Olympics 2006 US$700 million[30] Decrease USD $3.2 million[31] The Italian government created a lottery game to cover its financial losses.[citation needed]
China Beijing Summer Olympics 2008 US$44 billion[32] Increase CNY 1 billion (US$146 million)[33] 2008
Canada Vancouver Winter Olympics 2010 CDN$1.7 billion[34] US$6.4 billion[35] US$2.3 billion[36] CDN$925 million[34]  ? Included in the total US$6.4 billion cost are the $1 billion for security, $2.5 billion for transportation extensions and upgrades, and $900 million for the new Vancouver Convention Centre (An additional $554 million was spent by the city including a portion on the Olympic Village).[35][37][38]
United Kingdom London Summer Olympics 2012 US$10.4 billion[39] US$14.6 billion[40] US$4.4 billion[41] GBP £nil[42] 2013 Additional costs include $90 million for converting the Olympic Stadium (London) to a football venue[43]
Russia Sochi Winter Olympics 2014 US$51 billion[44] The most expensive Olympic Games in history, surpassing the previous record set by the 2008 Beijing Summer Olympic Games.[45]
Brazil Rio de Janeiro Summer Olympics 2016 US$11.6 billion [46][47]
South Korea Pyeongchang Winter Olympics 2018
Japan Tokyo Summer Olympics 2020
China Beijing Winter Olympics 2022

See also

External links

References

  1. 1.0 1.1 1.2 1.3 http://www.telegraph.co.uk/sport/olympics/2307426/London-2012-must-learn-from-the-1bn-Sydney-hangover.html
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  11. Flyvbjerg, Bent; Allison Stewart (2012). "Olympic Proportions: Cost and Cost Overrun at the Olympics 1960-2012". Working Paper. Saïd Business School, University of Oxford.
  12. Brunet, Ferran (1995). An economic analysis of the Barcelona’92 Olympic Games: resources, financing and impacts". Working Paper. Universitat Autònoma de Barcelona
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  45. Why Sochi Is By Far The Most Expensive Olympics Ever ADAM TAYLOR, JAN. 17, 2014,
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