The Surprising Cost of Hosting the Olympics
shared by mattdtc on Jul 25
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For many cities, the idea of hosting the Olympic games is a dream come true. However many cities and their elected leaders often overlook the financial burden that hosting the games will cause to the...
ir city. One of the biggest problems is that cities are contractually obligated to cover any cost overages. This means cities are essentially writing a blank check with no established spending limit. In fact, in the last 40 years of Olympics games, all except three (1980, 1984 and 1988) have gone off track and ran over budget. The average cost overrun equates to roughly 324% of the original projected bid.
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