Cost of the Olympic Games

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The Olympic Games are considered to be the world's foremost international sporting event with over 200 nations participating. [1] It historically had the highest costs and expenses for the hosts, with the estimated cost of the 2016 Summer Games in Rio de Janeiro being at approximately US$11.1 billion. [2]

Contents

Sports-related costs for the Summer Games since 1960 is on average $5.2 billion (USD) and for the Winter Games $393.1 million dollars. The highest recorded total cost was the 2014 Sochi Winter Olympics, costing approximately US$55 billion. The 2016 Rio de Janeiro Summer Games experienced the biggest loss recorded at approximately $2 billion (USD). [3]

Costs

The current highest cost of hosting the Olympic Games was the 2016 Rio de Janeiro Summer Games, costing approximately US$11.1 billion. In order to meet the requirements set out by the International Olympic Committee (IOC) [4] The Rio de Janeiro council had to invest heavily in building the necessary facilities/venues, and an entirely new subway line. The lack of a solid infrastructure to support these investments led to the council underestimating their costs by 25%. [5]

The costs of hosting the Olympic Games can be classified into 2 categories; infrastructure and operational costs.

Infrastructure

General infrastructure

The costs of general infrastructure consist of preparing the necessary infrastructure to accommodate the influx of tourists and athletes in the host city. The International Olympic Committee requires a minimum of 40,000 hotel rooms available for visiting spectators and an Olympic Village that is able to house 15,000 athletes, referees, and officials.

Internal and external transportation facilities that can transport spectators into and out of the host city and from venue to venue are also required by the Committee. These requirements are often met through renovations to already-built facilities or construction of entirely new facilities. These facilities include train/subway lines, roads, and airports.

Sports infrastructure

The host city is also required by the Olympic Committee to invest in sport-specific infrastructure that meets their requirements. Facilities must have specified minimum sizes and reach the specific seating and safety protocols which often require refurbishments or new construction, particularly less-used facilities such as natatoriums, velodromes and sliding tracks.

Host city selection

The Winter Games require high mountains, especially for the alpine events. Traditionally, there were requirements of fairly short distance between the host city and the alpine slopes, which often has made smaller cities to be chosen as winter host cities, such as Lake Placid, Lillehammer and Sochi. After the 2012 when no democratic country bid for the Winter Games due to the high cost, a larger distance was accepted, allowing existing slopes to be used together with a large host city with more existing infrastructure, for example Milan at a distance of 410 km by road to Cortina.

Operating costs

Once the necessary infrastructure is put in place, the Olympics require a large amount of spending on operating costs throughout the duration of the Games. Historically, the most significant operating costs for the hosts have been in event management, organization and preparation of the opening and closing ceremonies, and increasingly in recent years, security.

Table

The table below lists the costs of hosting the Olympic 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), as well as both known and not estimated figures. Net loss or gain are measured against the operating budgets. Intangible costs (such as to the environment and society) and benefits (through tourism) are not included here.

OlympiadHostFinal Operating
Budget		Total CostsTaxpayer ContributionProfit/LossYear Debt Paid OffNotes
1896 Summer Olympics Flag of Greece (1822-1978).svg Athens 3,740,000 ₯ [6] Donations by George Averoff of 1,000,000 ₯ covered potential losses
1900 Summer Olympics Flag of France (1794-1815, 1830-1958).svg Paris
1904 Summer Olympics Flag of the United States (1896-1908).svg St. Louis
1908 Summer Olympics Flag of the United Kingdom.svg London US$394,000 est. [6] Increase2.svg £6,377
1912 Summer Olympics Flag of Sweden.svg Stockholm
1920 Summer Olympics Flag of Belgium (civil).svg Antwerp
1924 Winter Olympics Flag of France.svg Chamonix 3,500,000₣2,000,000₣
1924 Summer Olympics Flag of France.svg Paris Decrease2.svg 5,496,610₣ [6]
1928 Winter Olympics Flag of Switzerland (Pantone).svg St. Moritz CHF706,000Decrease2.svg CHF104,800
1928 Summer Olympics Flag of the Netherlands.svg Amsterdam $1,183,000 [6] Decrease2.svg $18,000
1932 Winter Olympics Flag of the United States (1912-1959).svg Lake Placid
1932 Summer Olympics Flag of the United States (1912-1959).svg Los Angeles Increase2.svg $1,000,000 [6]
1936 Winter Olympics Flag of Germany (1935-1945).svg Garmisch-Partenkirchen
1936 Summer Olympics Flag of Germany (1935-1945).svg Berlin $30,000,000 [6]
1948 Winter Olympics Flag of Switzerland (Pantone).svg St. Moritz
1948 Summer Olympics Flag of the United Kingdom.svg London £761,688 [7] Increase2.svg £29,000 [6]
1952 Winter Olympics Flag of Norway.svg Oslo
1952 Summer Olympics Flag of Finland.svg Helsinki 1,580,000,000 mk [6] Decrease2.svg 49,000,000 mk
1956 Winter Olympics Flag of Italy.svg Cortina d'Ampezzo lira 460 million
1956 Summer Olympics Flag of Australia (converted).svg Melbourne A£5,400,000 [7] Decrease2.svgA£300,000 [6]
1960 Winter Olympics Flag of the United States (1959-1960).svg Squaw Valley US$80 million [8]
1960 Summer Olympics Flag of Italy.svg Rome
1964 Winter Olympics Flag of Austria.svg Innsbruck
1964 Summer Olympics Flag of Japan.svg Tokyo US$72,000,000 [7] US$1,926,000,000 [6]
1968 Winter Olympics Flag of France.svg Grenoble
1968 Summer Olympics Flag of Mexico.svg Mexico City US$176,000,000 [7]
1972 Winter Olympics Flag of Japan.svg Sapporo
1972 Summer Olympics Flag of Germany.svg Munich 1,972,000,000 DM [6]
1976 Winter Olympics Flag of Austria.svg Innsbruck
1976 Summer Olympics Flag of Canada (Pantone).svg Montreal CDN$207,000,000 [9] CDN$$1,596,000,000 [9] Decrease2.svg CDN$990,000 [9] 2006A special tobacco tax was introduced in May 1976 to fund the loss
1980 Winter Olympics Flag of the United States.svg Lake Placid US$49,000,000 [10] US$169,000,000 [10]
1980 Summer Olympics Flag of the Soviet Union.svg Moscow US$231,000,000 [11] US$1,350,000,000 [11]
US$2,000,000,000 [6] 		Decrease2.svg US$1,190,000 deficit [ citation needed ]This was the year that The United States and 64 other Nations boycotted due to the Soviet invasion of Afghanistan.
1984 Winter Olympics Flag of Yugoslavia (1946-1992).svg Sarajevo US$55,400,000 [12] US$110,900,000 [12] Increase2.svg US$10,000,000 [12] The first Olympics since 1948 to make a profit
1984 Summer Olympics Flag of the United States.svg Los Angeles US$320,000,000 [13] US$413,000,000 [13] $75,000,000 [14] [15] Increase2.svg US$250,000,000[ citation needed ]1984The first Summer Olympics since 1932 to make a profit [15]
1988 Winter Olympics Flag of Canada (Pantone).svg Calgary CDN$438,000,000 [16] CDN$899,000,000 [16] CDN$425,000,000 [16] Increase2.svg CDN$32,000,000 [16] 1988
1988 Summer Olympics Flag of South Korea (1984-1997).svg Seoul US$4,000,000,000 [ citation needed ]Increase2.svg US$300,000,000[ citation needed ]1988A record profit for a government-run Olympiad[ citation needed ]
1992 Summer Olympics Flag of Spain.svg Barcelona US$850,000,000[ citation needed ] US$9,300,000,000 [17] Increase2.svg US$10,000,000[ citation needed ]1992Operating costs were put at 9.1% of the total cost. The vast majority of spending was to improve infrastructure. [18]
1992 Winter Olympics Flag of France.svg Albertville US$1,200,000,000 on infrastructure [19] Decrease2.svg US$67,000,000 [19]
1994 Winter Olympics Flag of Norway.svg Lillehammer US$1,100,000,000 [20] [21] US$250,000,000 [20] [21]
1996 Summer Olympics Flag of the United States.svg Atlanta US$1,800,000,000[ citation needed ] US$609,000,000 [14] Increase2.svg US$19,000,000[ citation needed ]1996Following the model of LA 1984, Atlanta achieved a healthy profit
1998 Winter Olympics Flag of Japan (1870-1999).svg Nagano ~US$10,000,000,000 in new infrastructure [22] Decrease2.svg Net loss[ citation needed ]Estimated 2015 [22] The full cost of the Nagano Olympics is unknown, due to Nagano Olympic Bid Committee vice-secretary general Sumikazu Yamaguchi ordering accounting documents burned [22]
2000 Summer Olympics Flag of Australia (converted).svg Sydney A$6,600,000,000 [23] [24] A$3,000,000,000 (A$3,635,000,000 borne by the public)[ citation needed ] A$2,050,000,000 [25] Decrease2.svg US$2.1 billion [26] 2000
2002 Winter Olympics Flag of the United States.svg Salt Lake City US$2,000,000,000 [27] US$1,200,000,000 [28] US$600,000,000 [29] Increase2.svg US$101,000,000 [30] 2002Additional security costs were incurred in the wake of the September 11 attacks
2004 Summer Olympics Flag of Greece.svg Athens US$15,000,000,000 [31] US$9,000,000,000 [32] US$6,200,000,000 [33] Decrease2.svg US$14,500,000 [34] 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. [35]
2006 Winter Olympics Flag of Italy.svg Turin US$700,000,000 [36] Decrease2.svg US$3,200,000 [37] The Italian government created a lottery game to cover its financial losses.[ citation needed ]
2008 Summer Olympics Flag of the People's Republic of China.svg Beijing US$44,000,000,000 [38] Increase2.svg CNY 1,000,000,000 (US$146,000,000) [39] 2008
2010 Winter Olympics Flag of Canada (Pantone).svg Vancouver CDN$ 1,700,000,000 (US$1,260,000,000) [40] US$ 6,400,000,000 [41] US$ 2,300,000,000 [42] Increase2.svg CDN$ 1,900,000 [43]
2014 [44] 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). [41] [45] [46]
2012 Summer Olympics Flag of the United Kingdom.svg London US$10,400,000,000 [47] US$14,600,000,000 [48] US$4,400,000,000 [49] GBP £nil [50] 2012Additional costs include $90 million for converting the Olympic Stadium (London) to a football venue [51]
2014 Winter Olympics Flag of Russia.svg Sochi US$51,000,000,000 [52] Increase2.svg US$53,150,000 [53] The most expensive Olympic Games in history, surpassing the previous record set by the 2008 Beijing Summer Olympic Games. [54]
2016 Summer Olympics Flag of Brazil.svg Rio de Janeiro US$13,100,000,000 [55] [56] US$11.6 billion [57] [58] Decrease2.svg US$2.0 billion [59]
2018 Winter Olympics Flag of South Korea.svg Pyeongchang US$2,190,000,000 [60] US$12,900,000,000 [61] Increase2.svg US$55,000,000 [62]
2020 Summer Olympics Flag of Japan.svg Tokyo US$15,400,000,000 [63] US$28,000,000,000 [64]
2022 Winter Olympics Flag of the People's Republic of China.svg Beijing US$3.9 billion [65] Increase2.svg US$52,000,000 [66]
2024 Summer Olympics Flag of France.svg Paris
2026 Winter Olympics Flag of Italy.svg Milan and Cortina d'Ampezzo US$1.6 billion [67]
2028 Summer Olympics Flag of the United States.svg Los Angeles
2032 Summer Olympics Flag of Australia (converted).svg Brisbane

See also

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  43. ↑ "VANCOUVER 2010 TAKES ITS FINAL BOW WITH POSITIVE FINANCIAL FIGURES" . Retrieved June 20, 2017.
  44. ↑ "Vancouver 2010 Winter Olympics debt-free, VANOC final report says | CBC News".
  45. ↑ "Winner's curse? The economics of hosting the Olympic Games". CBC News. July 30, 2012. Retrieved February 14, 2013.
  46. ↑ "Olympics cost B.C. $925M". CBC News. July 9, 2010. Retrieved February 14, 2013.
  47. ↑ "London 2012 - Final cost of London 2012 Games revealed". Yahoo. October 23, 2012. Retrieved April 3, 2013.
  48. ↑ 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.
  49. ↑ "London Olympics exceed initial budget by £6.52bn". Newstatesman.com. October 23, 2012. Retrieved February 7, 2014.
  50. ↑ "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.
  51. ↑ Bond, David (March 22, 2012). "BBC Sport - West Ham get Olympic Stadium after government ups funding". Bbc.co.uk. Retrieved February 7, 2014.
  52. ↑ "Sochi 2014: the costliest Olympics yet but where has all the money gone?". The Guardian. October 9, 2013. Retrieved February 12, 2014.
  53. ↑ Downie, Andrew. "Sochi Winter Games made $53 million profit", Reuters , Rio De Janeiro, 27 February 2015. Retrieved on 28 August 2017.
  54. ↑ Why Sochi Is By Far The Most Expensive Olympics Ever ADAM TAYLOR, JAN. 17, 2014,
  55. ↑ "Is hosting the Olympics ever worth the cost?". August 10, 2016.
  56. ↑ "Rio Olympics cost $13.1 billion". June 14, 2017.
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  58. ↑ "Finance" (PDF). Rio de Janeiro 2016 Candidate File (PDF). Vol. 1. Brazilian Olympic Committee. February 16, 2009. Archived from the original (PDF) on March 20, 2009. Retrieved March 2, 2010.
  59. ↑ "The 2016 Rio Summer Olympics: By the Numbers". Forbes .
  60. ↑ "PyeongChang 2018 unveils at least $55 million profit at the 133rd IOC Session". infobae. July 12, 2021. Retrieved March 26, 2023.
  61. ↑ Settimi, Christina. "By The Numbers: The 2018 Pyeongchang Winter Olympics". Forbes. Retrieved March 4, 2018.
  62. ↑ "PYEONGCHANG 2018 ANNOUNCES SURPLUS OF AT LEAST USD 55 MILLION"
  63. ↑ Cervantes, Alberto (July 23, 2021). "The Tokyo Olympics' Staggering Price Tag and Where It Stands in History". Wall Street Journal. ISSN   0099-9660 . Retrieved November 17, 2021.
  64. ↑ Ugincius, Leila. "What we learned about sports and athletes — and ourselves — at the Tokyo Summer Olympics". VCU News. Retrieved November 17, 2021.
  65. ↑ "Beijing won't have a big budget for the 2022 Winter Olympics". CNNMoney. Archived from the original on December 17, 2019. Retrieved August 2, 2020.
  66. ↑ Beijing Olympics Report $52 Million Profit, IOC To Donate $10.4 To Chinese Sport"
  67. ↑ "Milan Cortina 2026 budget remains same as initially proposed despite economic difficulty". InsideTheGames. March 25, 2023.
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