The 2016 Rio Olympics was thought about among the most costly Summer Games ever. In 2018, they were approximated to have an overall expense of $20 billion, far beyond the Rio arranging committee’s preliminary price quote of $2.8 billion.
Cities sustaining expense overruns when hosting the Olympics is not special to Rio; according to the Council on Foreign Relations. It states that given that 1960, every Olympics saw high overrun expenses, other than for the 1984 Los Angeles Games.
While Winter and Summer Games are costly to host, the latter are generally more pricey and extensive. There are more professional athletes, competitors and occasions that need more customized centers. Winter Games typically remain within their expense price quote limit, with very little overrun expenses. However, the 2014 Sochi Games were an outlier, with the price quote peaking $40 billion and the expense winding up at $51 billion.
With overrun a growing issue, a number of cities withdrew their 2022 Winter Olympic quotes in 2014, mentioning the prospective expenses. And in 2020 the International Olympic Committee dealt with another obstacle, how to host the 2020 Tokyo Games as the Covid-19 pandemic maimed economies worldwide.
How can the Olympics discover cities to host the occasion in the future? And how did the Olympics grow from simple starts into a huge and costly global occasion? Watch our video.
Disclosure: CNBC moms and dad NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.
