Cost of the Olympic Games

Sports-related costs for the Summer Games since 1960 is on average USD 5.2 billion and for the Winter Games USD 3.1 billion. This does not include wider infrastructure costs like roads, urban rail, and airports, which often cost as much or more than the sports-related costs. The most expensive Summer Games are London 2012 at USD 15 billion and the most expensive Winter Games are Sochi 2014 at USD 21.9 billion, again including only sports-related costs. [1] Costs per athlete is on average USD 0.6 million for the Summer Games and USD 1.3 million for the Winter Games. For London 2012, cost per athlete was USD 1.4 million; for Sochi 2014, USD 7.9 million.

Budget overruns are common for the Games. Average overrun for Games since 1960 is 156% in real terms, which means that actual costs turned out to be on average 2.56 times higher than the budget that was estimated at the time of winning the bid to host the Games. Montreal 1976 had the highest cost overrun for Summer Games, and for any Games, at 720%; Lake Placid 1980 had the highest cost overrun for Winter Games, at 324%. London 2012 had a cost overrun of 76%, Sochi 2014 of 289%.

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.

Table

Host City Year Final Operating
Budget		 Total Costs Taxpayer Contribution Profit/Loss Year Debt Paid Off Notes
GreeceAthens Summer Olympics 1896 3,740,000 ₯[2] nil ₯ Donations by George Averoff of 1,000,000 ₯ covered potential losses
United KingdomLondon Summer Olympics 1908 US$394,000 est.[2] Increase £6,377
FranceParis Summer Olympics 1924 Decrease 5,496,610₣[2]
NetherlandsAmsterdam Summer Olympics 1928 $1,183,000[2] Decrease $18,000
United States Los Angeles Summer Olympics 1932 Increase $1,000,000[2]
GermanyBerlin Summer Olympics 1936 $30,000,000[2]
United Kingdom London Summer Olympics 1948 £761,688[3] Increase £29,000[2]
Finland Helsinki Summer Olympics 1952 1,580,000,000 mk[2] Decrease 49,000,000 mk
Australia Melbourne Summer Olympics 1956 A£5,400,000[3] DecreaseA£300,000[2]
Japan Tokyo Summer Olympics 1964 US$72,000,000[3]
Mexico Mexico City Summer Olympics 1968 US$176,000,000[3]
West GermanyMunich Summer Olympics 1972 1,972,000,000 DM[2]
Canada Montreal Summer Olympics 1976 CDN$207,000,000[4] CDN$1,410,000,000[4] Decrease CDN$990,000,000[4] 2006 A special tobacco tax was introduced in May 1976 to fund the loss
United States Lake Placid Winter Olympics 1980 US$49,000,000[5] US$169,000,000[5] Decrease USD $8.5,000,000 deficit
Soviet Union Moscow Summer Olympics 1980 US$231,000,000[6] US$1,350,000,000[6] Decrease USD $1,190,000,000 deficit This was the year that The United States and 64 other Nations boycotted due to the invasion of Afghanistan.
Socialist Federal Republic of Yugoslavia Sarajevo Winter Olympics 1984 US$55,400,000[7] US$110,900,000[7] Increase US$10,000,000 [7] The first Olympics since 1932 to make a profit
United States Los Angeles Summer Olympics 1984 US$320,000,000[8] US$413,000,000[8] $75,000,000[9][10] Increase US$250,000,000[11] 1984 The first Summer Olympics since 1932 to make a profit[10]
Canada Calgary Winter Olympics 1988 CDN$438,000,000[12] CDN$899,000,000[12] CDN$425,000,000[12] IncreaseCDN$32,000,000[12] 1988
South Korea Seoul Summer Olympics 1988 USD $4,000,000,000 Increase US$300,000,000[11] 1988 A record profit for a government-run Olympiad
Spain Barcelona Summer Olympics 1992 US$850,000,000 US$9,300,000,000[13] Increase US$10,000,000[11] 1992 Operating costs were put at 9.1% of the total cost. The vast majority of spending was to improve infrastructure.[14]
France Albertville Winter Olympics 1992 USD $1,200,000,000 on infrastructure[15] Decrease USD $67,000,000[15]
Norway Lillehammer Winter Olympics 1994 US$1,100,000,000[16][17] US$250,000,000[16][17]
United States Atlanta Summer Olympics 1996 US$1,800,000,000 US$609,000,000[9] Increase US$10,000,000 1996 Despite the profit, Atlanta's heavy reliance on corporate sponsorship drew criticism of commercialization
Japan Nagano Winter Olympics 1998 ~US$10,000,000,000 in new infrastructure[18] Net loss Estimated 2015[18] The full cost of the Nagano Olympics is unknown, due to Nagano Olympic Bid Committee vice-secretary general Sumikazu Yamaguchi ordering accounting documents burned[18]
Australia Sydney Summer Olympics 2000 A$6,600,000,000 [19][20] A$3,000,000,000 (A$363,5000,000 borne by the public) A$2,050,000,000[21] Decrease USD $2,100,000,000 loss [22] 2000
United States Salt Lake City Winter Olympics 2002 US$2,000,000,000 [23] US$1,200,000,000 [24] US$600,000,000[25] Increase US$101,000,000[26] 2002 Additional security costs were incurred in the wake of the September 11 attacks
Greece Athens Summer Olympics 2004 US$15,000,000,000[27] US$9,000,000,000[28] US$6,200,000,000[29] Decrease US$14,500,000,000[30] 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.[31]
Italy Turin Winter Olympics 2006 US$700,000,000[32] Decrease USD $3,200,000[33] The Italian government created a lottery game to cover its financial losses.
China Beijing Summer Olympics 2008 US$44,000,000,000[34] Increase CNY 1,000,000,000 (US$146,000,000)[35] 2008
Canada Vancouver Winter Olympics 2010 CDN$ 1,700,000,000[36] US$ 6,400,000,000[37] US$ 2,300,000,000[38] IncreaseCDN$ 2,500,000,000[39]
CDN$ 70,000,000[40]		 2010 Included in the total US$6,400,000,000 cost are the $1,000,000,000 for security, $2,500,000,000 for transportation extensions and upgrades, and $900,000,000 for the new Vancouver Convention Centre (An additional $554,000,000 was spent by the city including a portion on the Olympic Village).[37][41][42]
United Kingdom London Summer Olympics 2012 US$10,400,000,000[43] US$14,600,000,000[44] US$4,400,000,000[45] GBP £nil[46] 2012 Additional costs include $90 million for converting the Olympic Stadium (London) to a football venue[47]
Russia Sochi Winter Olympics 2014 US$51,000,000,000[48] The most expensive Olympic Games in history, surpassing the previous record set by the 2008 Beijing Summer Olympic Games.[49]
Brazil Rio de Janeiro Summer Olympics 2016 US$11.6 billion [50][51]
South Korea Pyeongchang Winter Olympics 2018
Japan Tokyo Summer Olympics 2020
China Beijing Winter Olympics 2022

See also

External links

References

  1. ↑ Flyvbjerg, Bent; Stewart, Allison; Budzier, Alexander (2016). The Oxford Olympics Study 2016: Cost and Cost Overrun at the Games. Saïd Business School, University of Oxford.
  2. 1 2 3 4 5 6 7 8 9 10 http://library.la84.org/SportsLibrary/JOH/JOHv1n1/JOHv1n1f.pdf
  3. 1 2 3 4 http://www.telegraph.co.uk/sport/olympics/2307426/London-2012-must-learn-from-the-1bn-Sydney-hangover.html
  4. 1 2 3 "Official Report of the XXIst Olympiad Montréal 1976" (PDF). International Olympic Committee. 1978. Retrieved 2014-02-13.
  5. 1 2 "XIII Olympic Winter Games Lake Placid - Final Report" (PDF). International Olympic Committee. Retrieved 2014-02-13.
  6. 1 2 "Official Report of the XXII Olympiad Moscow 1980" (PDF). International Olympic Committee. 1981. Retrieved 2014-02-13.
  7. 1 2 3 "FINAL REPORT published by the Organising Committee of the XlVth Winter Olympic Games 1984 at Sarajevo" (PDF).
  8. 1 2 "Official Report of the Games of the XXIIIrd Olympiad Los Angeles, 1984" (PDF). International Olympic Committee. 1985. Retrieved 2014-02-13.
  9. 1 2 Julia Campbell. "Cost to Host Olympic Games Skyrockets". ABC News. Retrieved August 6, 2013.
  10. 1 2 "Olympic Cities: Booms and Busts". Cnbc.com. 2012-01-19. Retrieved 2014-02-07.
  11. 1 2 3 "Beijing Olympiad: Profit or Loss?". China Internet Information Center. Retrieved 2008-08-17.
  12. 1 2 3 4 "XV Olympic Winter Games: Official Report" (PDF). International Olympic Committee. 1988. Retrieved 2014-02-13.
  13. ↑ Flyvbjerg, Bent; Allison Stewart (2012). "Olympic Proportions: Cost and Cost Overrun at the Olympics 1960-2012". Working Paper. Saïd Business School, University of Oxford.
  14. ↑ Brunet, Ferran (1995). An economic analysis of the Barcelona’92 Olympic Games: resources, financing and impacts". Working Paper. Universitat Autònoma de Barcelona
  15. 1 2 "Olympic Cities: Booms and Busts". Cnbc.com. 2012-01-19. Retrieved 2014-02-07.
  16. 1 2 Nina Berglund. "Lillehammer marks OL anniversary". News In English. Retrieved February 7, 2014. compared to the NOK 8,500,000,000 spent on Lillehammer
  17. 1 2 "Exchange rate, US dollar (USD)". Norges Bank. Retrieved February 7, 2014. January 1994 7.5109
  18. 1 2 3 Schlotterbeck, Bianca (19 January 2012). "Nagano, Japan (Winter 1998)". Olympic Cities: Booms and Busts. CNBC. Retrieved 13 February 2013.
  19. ↑ Craig, David (2009). Squandered. Constable & Robinson Limited. p. 300. ISBN 9781849011617.
  20. ↑ "Olympic glory at any price? - John Madden & James Giesecke - 26 Jul 2012, Business Spectator". Retrieved 2014-02-12.
  21. ↑ "Sydney 2000 - Auditor Slams Costs".
  22. ↑ "Hosting the Olympics: cash cow or money pit?". Retrieved 2012-12-17.
  23. ↑ Roberts, Selena (2002-02-04). "IOC's Rogge Steps into the Cold - Feb 4, 2002 - The New York Times". Retrieved 2010-02-13.
  24. ↑ "Olympics budget nearly $2,000,000,000 - Dec 11, 2001 - Sports Illustrated". CNN. 2001-12-11. Retrieved 2014-02-12.
  25. ↑ "Mitt Romney's Olympic history in the spotlight". The Daily Telegraph (Australia). 28 July 2012.
  26. ↑ "Salt Lake Tops Forecast - 2002-09-18 - The New York Times". 2002-09-18. Retrieved 2010-02-13.
  27. ↑ "As Olympic glow fades, Athens Questions $15,000,000,000 Cost - 2008-07-21 - The Christan Science Monitor". Retrieved 2010-02-13.
  28. ↑ "How the 2004 Olympics Triggered Greece's Decline - 2012-08-02 - Bloomberg Business". Retrieved 2014-02-12.
  29. ↑ "Olympics 'may cost Greece dear' - 2004-06-02 - BBC NEWS". BBC News. 2004-06-02. Retrieved 2014-02-12.
  30. ↑ Schlotterbeck, Bianca (19 January 2012). "Athens, Greece (Summer, 2004)". Olympic Cities: Booms and Busts. CNBC. Retrieved 13 February 2013.
  31. ↑ "Olympic Cities: Booms and Busts". Cnbc.com. 2012-01-19. Retrieved 2014-02-07.
  32. ↑ "Turin Winter Olympics 2006 - 2014-02-06 - CIPRA: Living in the Alps". Retrieved 2014-02-12.
  33. ↑ "Olympic Cities: Booms and Busts". Cnbc.com. 2012-01-19. Retrieved 2014-02-07.
  34. ↑ "Beijing Olympics to cost China 44,000,000,000 dollars - 2008-06-08 - Pravda News". Retrieved 2014-02-12.
  35. ↑ "Beijing Olympics' profit exceeds 1b yuan".
  36. ↑ "Olympics cost B.C. $925M". CBC Sports. July 9, 2010. Retrieved February 4, 2013.
  37. 1 2 "Vancouver's Olympic Games overstated legacy and ignored true costs - 2014-02-07 - Rabble Canada". Retrieved 2014-02-12.
  38. ↑ "IOC HEAD ROGGE HAPPY THAT 2010 VANCOUVER GAMES ARE ON TRACK - 2014-02-12 - TSN.ca". Retrieved 2014-02-12.
  39. ↑ "B.C. generated $2.5B from 2010 Olympics: report". Retrieved 9 August 2016.
  40. ↑ "VANCOUVER 2010 TAKES ITS FINAL BOW WITH POSITIVE FINANCIAL FIGURES". Retrieved 22 August 2016.
  41. ↑ "Winner's curse? The economics of hosting the Olympic Games". CBC News. July 30, 2012. Retrieved February 14, 2013.
  42. ↑ "Olympics cost B.C. $925M". CBC News. July 9, 2010. Retrieved February 14, 2013.
  43. ↑ "London 2012 - Final cost of London 2012 Games revealed". Yahoo. October 23, 2012. Retrieved April 2012, 3. Check date values in: |access-date= (help)
  44. ↑ 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.
  45. ↑ "London Olympics exceed initial budget by £6.52bn". Newstatesman.com. Retrieved 2014-02-07.
  46. ↑ "Locog London Organising Committee of the Olympic and Paralympic Games,Olympic Games 2012 olympics olys,British Olympic Association,Sport politics,Sport" (PDF). LOCOG FINAL ANNUAL REPORT Page 33. London. March 31, 2012. The results for the period show a net profit [...] which matches brought forward losses therefore bringing the cumulative financial position of the Company to £nil.
  47. ↑ Bond, David (2012-03-22). "BBC Sport - West Ham get Olympic Stadium after government ups funding". Bbc.co.uk. Retrieved 2014-02-07.
  48. ↑ "Sochi 2014: the costliest Olympics yet but where has all the money gone?". The Guardian. Retrieved 2014-02-12.
  49. ↑ Why Sochi Is By Far The Most Expensive Olympics Ever ADAM TAYLOR, JAN. 17, 2014,
  50. ↑ "Finance". 2016 Working Group Report (PDF). International Olympic Committee. March 14, 2008. p. 88. Retrieved March 2, 2010.
  51. ↑ "Finance" (PDF). Rio de Janeiro 2016 Candidate File (PDF). 1. Brazilian Olympic Committee. February 16, 2009. Retrieved March 2, 2010.
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