The 2016 Rio Olympics was considered among the priciest Summer Games ever. In 2018, they were estimated to have a total cost of $20 billion, far beyond the Rio coordinating committee’s first estimate of $2.8 billion.
It says that since 1960, each Olympics saw high overrun expenses, except for the 1984 Los Angeles Games.
Even though Winter and Summer Games are more expensive to host, the latter is typically more grand and costly. You will find far more athletes, competitions and events which need more specialized facilities. Winter Games usually remain inside their cost quote threshold, with minimal overrun expenses. On the other hand, the 2014 Sochi Games have been an outlier, together with the quote peaking at $40 billion and the price winding up at $51 billion.
With overrun a growing concern, several cities withdrew their 2022 Winter Olympic bids in 2014, citing the potential costs. And in 2020 the International Olympic Committee faced another challenge, the way to sponsor the 2020 Tokyo Games since the Covid-19 pandemic crippled economies worldwide.
How can the Olympics find cities to sponsor the event in the future? And how did the Olympics grow from humble beginnings into gigantic and costly international events? Watch our movie.