The Olympic Games not only bring together elite athletes to compete on a global stage, but they also provide host nations with an opportunity to showcase their countries to the world. Successfully leveraging the Olympics as a promotional event can result in a tourism boom with financial rewards long after the closing ceremonies.
However, hosting the Olympics is a financially risky proposition that begins a decade before the events are actually held. Cities must first convince their own countries and then the International Olympic Committee that they are the ideal venue: safe, with convenient transportation, and equipped with efficient and elaborate infrastructure. The process isn’t cheap. For instance, Chicago spent an estimated $100 million in its bid to host the 2016 Summer Games—and lost.
The next Summer Games will be hosted in Los Angeles in 2028.
With the rising costs associated with hosting, here are the top 10 most expensive Olympic Games:
$5 billion
The 2000 Sydney Olympics occurred in the last decade of the 20th century while the world grappled with globalization. As host to the prestigious Games, the city was able to frame itself as an up-and-coming location able to keep up with rapid change, but the results were mixed.
$6.1 billion
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The Olympic Games not only bring together elite athletes to compete on a global stage, but they also provide host nations with an opportunity to showcase their countries to the world. Successfully leveraging the Olympics as a promotional event can result in a tourism boom with financial rewards long after the closing ceremonies.
However, hosting the Olympics is a financially risky proposition that begins a decade before the events are actually held. Cities must first convince their own countries and then the International Olympic Committee that they are the ideal venue: safe, with convenient transportation, and equipped with efficient and elaborate infrastructure. The process isn’t cheap. For instance, Chicago spent an estimated $100 million in its bid to host the 2016 Summer Games—and lost.
The next Summer Games will be hosted in Los Angeles in 2028.
With the rising costs associated with hosting, here are the top 10 most expensive Olympic Games:
$5 billion
The 2000 Sydney Olympics occurred in the last decade of the 20th century while the world grappled with globalization. As host to the prestigious Games, the city was able to frame itself as an up-and-coming location able to keep up with rapid change, but the results were mixed.
$6.1 billion