Is the Cost of Hosting the Olympics Worth Its Weight in Gold?

Big question #1: Are the Olympics a good investment for host countries?

Quick answer: Probably not.

Summer Olympics host country budget (initial → final)(% overbudget):
1) 2004 (Athens) – $3B → $16B (↑ 433%)
2) 2008 (Beijing) – $20B → $45B (↑ 125%)
3) 2012 (London) – $5B → $18B (↑ 260%)
4) 2016 (Rio) – $14B → $20B (↑ 43%)
5) 2020 (Tokyo) – $13B → $26B (↑ 106%)

Wow: Every Olympics since 1960 has been overbudget, with a 172% overage being the average!

Quote from Andrew Zimbalist – Professor @ Smith College:
“If you go back four or five Olympic Games, consistently you have several European cities dropping their bids because of a plebiscite or their residents voted, “No, we don’t want to do this.” They’re looking at the balance sheet, which is overwhelmingly negative. They’re looking at the social and environmental disruption, which is extremely problematic.

What the I.O.C. has done in response to that is introduce a few tepid reforms. One of which is putting all the bidding behind closed doors. They’re sick and tired of being embarrassed by cities dropping out. So the process is now secretive.”

Video: How the Tokyo Olympics Became the Most Expensive Summer Games Ever

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