Cost of the Olympic Games

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Modern Olympic Games have produced profits and losses for their host cities, with the table below listing the 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 or estimated. Net loss or gain are measured against the operating budgets. Intangible costs (such as to the environment and society) and total benefits (through tourism) are not included here.

Table[edit]

Host CityFinal Operating
Budget
Total CostsInitial BudgetTaxpayer ContributionProfit/LossYear Debt Paid OffNotes
Montreal 1976Decrease CDN$2 billion[1]2006[2]A special tobacco tax was introduced in May 1976 to fund the loss
Lake Placid 1980Decrease USD $8.5 million deficit
Los Angeles 1984$75 million[3][4]Increase US$250 million[5]1984It was the first Olympics since 1932 to make money[6]
Calgary 1988USD $461 million[7]Increase USD $90-$150 million[8]1988
Seoul 1988USD $4 billionIncrease US$300 million[5]1988A record profit for a government-run Olympiad[citation needed]
Barcelona 1992US$850 millionUS$9.3 billion[9]Increase US$10 million[5]1992Operating costs were put at 9.1% of the total cost. The vast majority of spending was to improve infrastructure. [10]
Albertville 1992USD $1.2 Billion on infrastructure[11]Decrease USD $67 million[12]
Lillehammer 1994
Atlanta 1996US$1.8 billionUS$609 million[3]Increase US$10 million1996Despite the profit, Atlanta's heavy reliance on corporate sponsorship drew criticism of commercialization
Nagano 1998~US$10 billion in new infrastructure[13]Net lossEstimated 2015[13]The full cost of the Nagano Olympics is unknown, due to Nagano Olympic Bid Committee vice-secretary general Sumikazu Yamaguchi ordering accounting documents burned[13]
Sydney 2000A$6.6 billionA$3 billion (A$363.5 million borne by the public)A$1.7–2.4 billion[14]Break even[15]2000
Salt Lake City 2002US$1.2 billion [16]US$600 million[17]Increase US$101 million[18]2002Additional security costs were incurred in the wake of the September 11 attacks
Athens 2004US$15 billion[19]US$6 billionDecrease US$14–15 billion[20]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.[21]
Torino 2006US$3.6 billionDecrease USD $3.2 million[22]
Beijing 2008US$43 billion[23]Increase CNY 1 billion (US$146 million)[24]2008
Vancouver 2010CDN$1.7 billion[25]CDN$9.2 billion[26]US$165 million[27]CDN$925 million[25]Break even[25]Additional costs include $1 billion for security, $2.5 billion for transportation extensions and upgrades, and $900 million for the new Vancouver Convention Centre (with $554 million spent on the bid for the games not factored into official costs).[28][29]
London 2012US$10.4 billion[30]US$13.9 billion[31]US$4.4 billion[32]Break even[33]2012Additional costs include $90 million for converting the Olympic Stadium (London) to a football venue[34]
Sochi 2014Estimated US$50 billion[35]
Rio de Janeiro 2016

See also[edit]

External links[edit]

References[edit]

  1. ^ David Henderson (23 July 2012). "The Economics of the Olympics". Library of Economics and Liberty. Retrieved 2012-12-17. 
  2. ^ "Montreal says no to 'Big Owe'". CBC News. 08 Oct 2005. 
  3. ^ a b Julia Campbell. "Cost to Host Olympic Games Skyrockets". ABC News. Retrieved August 6, 2013. 
  4. ^ http://www.cnbc.com/id/45943877/page/14
  5. ^ a b c "Beijing Olympiad: Profit or Loss?". China Internet Information Center. Retrieved 2008-08-17. 
  6. ^ http://www.cnbc.com/id/45943877/page/14
  7. ^ http://www.cnbc.com/id/45943877/page/12
  8. ^ http://www.cnbc.com/id/45943877/page/12
  9. ^ Flyvbjerg, Bent; Allison Stewart (2012). "Olympic Proportions: Cost and Cost Overrun at the Olympics 1960-2012". Working Paper. Saïd Business School, University of Oxford.
  10. ^ Brunet, Ferran (1995). An economic analysis of the Barcelona’92 Olympic Games: resources, financing and impacts". Working Paper. Universitat Autònoma de Barcelona
  11. ^ http://www.cnbc.com/id/45943877/page/10
  12. ^ http://www.cnbc.com/id/45943877/page/10
  13. ^ a b c Schlotterbeck, Bianca (19 January 2012). "Nagano, Japan (Winter 1998)". Olympic Cities: Booms and Busts. CNBC. Retrieved 13 February 2013. 
  14. ^ "Sydney 2000 - Auditor Slams Costs". 
  15. ^ "Hosting the Olympics: cash cow or money pit?". Retrieved 17/12/2012. 
  16. ^ Roberts, Selena (2002-02-04). "IOC's Rogge Steps into the Cold - Feb 4, 2002 - The New York Times". Retrieved 2010-02-13. 
  17. ^ "Mitt Romney's Olympic history in the spotlight". The Daily Telegraph (Australia). 28 July 2012. 
  18. ^ "Salt Lake Tops Forecast - 2002-09-18 - The New York Times". 2002-09-18. Retrieved 2010-02-13. 
  19. ^ "As Olympic glow fades, Athens Questions $15 billion Cost - 2008-07-21 - The Christan Science Monitor". Retrieved 2010-02-13. 
  20. ^ Schlotterbeck, Bianca (19 January 2012). "Athens, Greece (Summer, 2004)". Olympic Cities: Booms and Busts. CNBC. Retrieved 13 February 2013. 
  21. ^ http://www.cnbc.com/id/45943877/page/5
  22. ^ http://www.cnbc.com/id/45943877/page/4
  23. ^ Ryan, Bob (2008-08-00). "Sparkling Display: Success Comes at a Price - 2008-08-09 - The Boston Globe". Retrieved 2010-02-13. 
  24. ^ http://www.chinadaily.com.cn/business/2009-06/19/content_8302950.htm.  Missing or empty |title= (help)
  25. ^ a b c "Olympics cost B.C. $925M". CBC Sports. July 9, 2010. Retrieved February 4, 2013. 
  26. ^ "Olympic Countdown: Adding up the real costs of Vancouver 2010". This Magazine. January 12, 2010. Retrieved February 14, 2013. 
  27. ^ "IOC head Rogge happy that 2010 Vancouver Games are on track - 2009-02-12 - TSN.com". Retrieved 2010-02-13. 
  28. ^ "Winner's curse? The economics of hosting the Olympic Games". CBC News. July 30, 2012. Retrieved February 14, 2013. 
  29. ^ "Olympics cost B.C. $925M". CBC News. July 9, 2010. Retrieved February 14, 2013. 
  30. ^ "London 2012 - Final cost of London 2012 Games revealed". Yahoo. October 23, 2012. Retrieved April 3, 2013. 
  31. ^ Gibson, Owen (October 23, 2012). "Olympic Games 2012 olympics olys,Paralympics 2012,Olympic legacy,Olympic Stadium,London (News),UK news,Politics,Sport". The Guardian (London). 
  32. ^ http://www.newstatesman.com/economics-blog/2012/10/london-olympics-exceed-initial-budget-652bn
  33. ^ Gibson, Owen (February 8, 2013). "Locog London Organising Committee of the Olympic and Paralympic Games,Olympic Games 2012 olympics olys,British Olympic Association,Sport politics,Sport". The Guardian (London). 
  34. ^ http://www.bbc.co.uk/sport/0/football/21889864
  35. ^ "Susan Ormiston: Russia's $50B Sochi Olympics gamble". CBC Sports. February 4, 2013.