Cost of the Olympic Games
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.
Contents
Table
Host City | Year | Final Operating Budget |
Total Costs | Taxpayer Contribution | Profit/Loss | Year Debt Paid Off | Notes |
---|---|---|---|---|---|---|---|
London Summer Olympics | 1948 | £761,688[1] | |||||
Melbourne Summer Olympics | 1956 | £5.4 million[1] | |||||
Tokyo Summer Olympics | 1964 | US$72 million[1] | |||||
Mexico City Summer Olympics | 1968 | US$176 million[1] | |||||
Montreal Summer Olympics | 1976 | CDN$207 million[2] | CDN$1.41 billion[2] | CDN$990 million[2] | 2006 | A special tobacco tax was introduced in May 1976 to fund the loss | |
Lake Placid Winter Olympics | 1980 | US$49 million[3] | US$169 million[3] | USD $8.5 million deficit[citation needed] | |||
Moscow Summer Olympics | 1980 | US$231 million[4] | US$1.35 billion[4] | 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. | ||
Sarajevo Winter Olympics | 1984 | US$55.4 million[5] | US$110.9 million[5] | US$10 million [5] | The first Olympics since 1932 to make a profit | ||
Los Angeles Summer Olympics | 1984 | US$320 million[6] | US$413 million[6] | $75 million[7][8] | US$250 million[9] | 1984 | The first Summer Olympics since 1932 to make a profit[8] |
Calgary Winter Olympics | 1988 | CDN$438 million[10] | CDN$899 million[10] | CDN$425 million[10] | CDN$32 million[10] | ||
Seoul Summer Olympics | 1988 | USD $4 billion[citation needed] | US$300 million[9] | 1988 | A record profit for a government-run Olympiad[citation needed] | ||
Barcelona Summer Olympics | 1992 | US$850 million[citation needed] | US$9.3 billion[11] | 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] | |
Albertville Winter Olympics | 1992 | USD $1.2 Billion on infrastructure[13] | USD $67 million[13] | ||||
Lillehammer Winter Olympics | 1994 | US$1.1 billion[14][15] | US$0.25 billion[14][15] | ||||
Atlanta Summer Olympics | 1996 | US$1.8 billion[citation needed] | US$609 million[7] | US$10 million[citation needed] | 1996 | Despite the profit, Atlanta's heavy reliance on corporate sponsorship drew criticism of commercialization | |
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] | ||
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] | USD $2.1 billion loss [20] | 2000 | |
Salt Lake City Winter Olympics | 2002 | US$2 billion [21] | US$1.2 billion [22] | US$600 million[23] | US$101 million[24] | 2002 | Additional security costs were incurred in the wake of the September 11 attacks |
Athens Summer Olympics | 2004 | US$15 billion[25] | US$9 billion[26] | US$6.2 billion[27] | 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] | |
Torino Winter Olympics | 2006 | US$700 million[30] | USD $3.2 million[31] | The Italian government created a lottery game to cover its financial losses.[citation needed] | |||
Beijing Summer Olympics | 2008 | US$44 billion[32] | CNY 1 billion (US$146 million)[33] | 2008 | |||
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] |
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] |
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] | ||||
Rio de Janeiro Summer Olympics | 2016 | US$11.6 billion [46][47] | |||||
Pyeongchang Winter Olympics | 2018 | ||||||
Tokyo Summer Olympics | 2020 | ||||||
Beijing Winter Olympics | 2022 |
See also
External links
References
- ↑ 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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- ↑ 10.0 10.1 10.2 10.3 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Flyvbjerg, Bent; Allison Stewart (2012). "Olympic Proportions: Cost and Cost Overrun at the Olympics 1960-2012". Working Paper. Saïd Business School, University of Oxford.
- ↑ 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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- ↑ Why Sochi Is By Far The Most Expensive Olympics Ever ADAM TAYLOR, JAN. 17, 2014,
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