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 1976CDN$207 million[1]CDN$1.41 billion[1]Decrease CDN$990 million[1]2006[2]A special tobacco tax was introduced in May 1976 to fund the loss
Lake Placid 1980US$49 million[3]US$169 million[3]Decrease USD $8.5 million deficit
Moscow 1980US$231 million[4]US$1.35 billion[4]
Sarajevo 1984US$55.4 million[5]US$110.9 million[5]Increase US$10 million [5]The first Olympics since 1932 to make a profit
Los Angeles 1984US$320 million[6]US$413 million[6]$75 million[7][8]Increase US$250 million[9]1984The first Summer Olympics since 1932 to make a profit[8]
Calgary 1988CDN$438 million[10]CDN$899 million[10]CDN$425 million[10]IncreaseCDN$32 million[10]
Seoul 1988USD $4 billionIncrease US$300 million[9]1988A record profit for a government-run Olympiad[citation needed]
Barcelona 1992US$850 millionUS$9.3 billion[11]Increase US$10 million[9]1992Operating costs were put at 9.1% of the total cost. The vast majority of spending was to improve infrastructure.[12]
Albertville 1992USD $1.2 Billion on infrastructure[13]Decrease USD $67 million[13]
Lillehammer 1994US$1.1 billion[14][15]US$0.25 billion[14][15]
Atlanta 1996US$1.8 billionUS$609 million[7]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[16]Net lossEstimated 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]
Sydney 2000A$5.6 billion[17]A$3 billion (A$363.5 million borne by the public)A$1.7–2.4 billion[18]Decrease USD $2.1 billion loss [19]2000
Salt Lake City 2002US$2 billion [20]US$1.2 billion [21]US$600 million[22]Increase US$101 million[23]2002Additional security costs were incurred in the wake of the September 11 attacks
Athens 2004US$15 billion[24]US$9 billion[25]US$6.2 billion[26]Decrease US$14–15 billion[27]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.[28]
Torino 2006US$4.7 billion[29]US$700 million[29]Decrease USD $3.2 million[30]
Beijing 2008US$44 billion[31]Increase CNY 1 billion (US$146 million)[32]2008
Vancouver 2010CDN$1.7 billion[33]US$6.4 billion[34]US$2.3 billion[35]CDN$925 million[33] ?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).[34][36][37]
London 2012US$10.4 billion[38]US$14.6 billion[39]US$4.4 billion[40]Increase GBP £52.8 million[41]2013Additional costs include $90 million for converting the Olympic Stadium (London) to a football venue[42]
Sochi 2014Estimated US$51 billion[43]US$12 billion[43]
Rio de Janeiro 2016

See also[edit]

External links[edit]

References[edit]

  1. ^ a b c "Official Report of the XXIst Olympiad Montréal 1976". International Olympic Committee. 1978. Retrieved 2014-02-13. 
  2. ^ "Montreal says no to 'Big Owe'". CBC News. 8 Oct 2005. 
  3. ^ a b "XIII Olympic Winter Games Lake Placid - Final Report". International Olympic Committee. Retrieved 2014-02-13. 
  4. ^ a b "Official Report of the XXII Olympiad Moscow 1980". International Olympic Committee. 1981. Retrieved 2014-02-13. 
  5. ^ a b c "FINAL REPORT published by the Organising Committee of the XlVth Winter Olympic Games 1984 at Sarajevo". 
  6. ^ a b "Official Report of the Games of the XXIIIrd Olympiad Los Angeles, 1984". International Olympic Committee. 1985. Retrieved 2014-02-13. 
  7. ^ a b Julia Campbell. "Cost to Host Olympic Games Skyrockets". ABC News. Retrieved August 6, 2013. 
  8. ^ a b "Olympic Cities: Booms and Busts". Cnbc.com. 2012-01-19. Retrieved 2014-02-07. 
  9. ^ a b c "Beijing Olympiad: Profit or Loss?". China Internet Information Center. Retrieved 2008-08-17. 
  10. ^ a b c d "XV Olympic Winter Games: Official Report". International Olympic Committee. 1988. Retrieved 2014-02-13. 
  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
  13. ^ a b "Olympic Cities: Booms and Busts". Cnbc.com. 2012-01-19. Retrieved 2014-02-07. 
  14. ^ a b Nina Berglund. "Lillehammer marks OL anniversary". News In English. Retrieved February 7, 2014. "compared to the NOK 8.5 billion spent on Lillehammer" 
  15. ^ a b "Exchange rate, US dollar (USD)". Norges Bank. Retrieved February 7, 2014. "January 1994 7.5109" 
  16. ^ a b c Schlotterbeck, Bianca (19 January 2012). "Nagano, Japan (Winter 1998)". Olympic Cities: Booms and Busts. CNBC. Retrieved 13 February 2013. 
  17. ^ "Olympic glory at any price? - John Madden & James Giesecke - 26 Jul 2012, Business Spectator". Retrieved 2014-02-12. 
  18. ^ "Sydney 2000 - Auditor Slams Costs". 
  19. ^ "Hosting the Olympics: cash cow or money pit?". Retrieved 2012-12-17. 
  20. ^ Roberts, Selena (2002-02-04). "IOC's Rogge Steps into the Cold - Feb 4, 2002 - The New York Times". Retrieved 2010-02-13. 
  21. ^ "Olympics budget nearly $2 billion - Dec 11, 2001 - Sports Illustrated". CNN. Retrieved 2014-02-12 date=2001-12-11. 
  22. ^ "Mitt Romney's Olympic history in the spotlight". The Daily Telegraph (Australia). 28 July 2012. 
  23. ^ "Salt Lake Tops Forecast - 2002-09-18 - The New York Times". 2002-09-18. Retrieved 2010-02-13. 
  24. ^ "As Olympic glow fades, Athens Questions $15 billion Cost - 2008-07-21 - The Christan Science Monitor". Retrieved 2010-02-13. 
  25. ^ "How the 2004 Olympics Triggered Greece's Decline - 2012-08-02 - Bloomberg Business". Retrieved 2014-02-12. 
  26. ^ "Olympics 'may cost Greece dear' - 2004-06-02 - BBC NEWS". BBC News. 2004-06-02. Retrieved 2014-02-12. 
  27. ^ Schlotterbeck, Bianca (19 January 2012). "Athens, Greece (Summer, 2004)". Olympic Cities: Booms and Busts. CNBC. Retrieved 13 February 2013. 
  28. ^ "Olympic Cities: Booms and Busts". Cnbc.com. 2012-01-19. Retrieved 2014-02-07. 
  29. ^ a b "Turin Winter Olympics 2006 - 2014-02-06 - CIPRA: Living in the Alps". Retrieved 2014-02-12. 
  30. ^ "Olympic Cities: Booms and Busts". Cnbc.com. 2012-01-19. Retrieved 2014-02-07. 
  31. ^ "Beijing Olympics to cost China 44 billion dollars - 2008-06-08 - Pravda News". Retrieved 2014-02-12. 
  32. ^ http://www.chinadaily.com.cn/business/2009-06/19/content_8302950.htm.  Missing or empty |title= (help)
  33. ^ a b "Olympics cost B.C. $925M". CBC Sports. July 9, 2010. Retrieved February 4, 2013. 
  34. ^ a b "Vancouver's Olympic Games overstated legacy and ignored true costs - 2014-02-07 - Rabble Canada". Retrieved 2014-02-12. 
  35. ^ "IOC HEAD ROGGE HAPPY THAT 2010 VANCOUVER GAMES ARE ON TRACK - 2014-02-12 - TSN.ca". Retrieved 2014-02-12. 
  36. ^ "Winner's curse? The economics of hosting the Olympic Games". CBC News. July 30, 2012. Retrieved February 14, 2013. 
  37. ^ "Olympics cost B.C. $925M". CBC News. July 9, 2010. Retrieved February 14, 2013. 
  38. ^ "London 2012 - Final cost of London 2012 Games revealed". Yahoo. October 23, 2012. Retrieved April 3, 2013. 
  39. ^ Gibson, Owen (October 24, 2012). "Olympic Games 2012 olympics olys,Paralympics 2012,Olympic legacy,Olympic Stadium,London (News),UK news,Politics,Sport". The Guardian (London). 
  40. ^ "London Olympics exceed initial budget by £6.52bn". Newstatesman.com. Retrieved 2014-02-07. 
  41. ^ "Locog London Organising Committee of the Olympic and Paralympic Games,Olympic Games 2012 olympics olys,British Olympic Association,Sport politics,Sport". LOCOG FINAL ANNUAL REPORT Page 33 (London). March 31, 2013. 
  42. ^ Bond, David (2013-03-22). "BBC Sport - West Ham get Olympic Stadium after government ups funding". Bbc.co.uk. Retrieved 2014-02-07. 
  43. ^ a b "Sochi 2014: the costliest Olympics yet but where has all the money gone?". The Guardian. Retrieved 2014-02-12.