TOKYO (AP) — The official price tag for the Tokyo Olympics in $15.4 billion, which a University of Oxford study says is the most expensive on record. What else could those billions buy? The ballpark figure for building a 300-bed hospital in Japan in $55 million.
How much does it cost to put on the Summer Olympics?
The average sports-related cost of hosting the Olympics is $12 billion, with nonsports-related expenses typically several times that, the study found. In the case of the Tokyo Games, postponing the event added $2.8 billion to its final cost, according to the organizing committee.
How much do olympic games cost?
Local organizers have disputed that total — though they admitted in December 2019 that costs had risen to $12.6 billion. But competing estimates from a national audit board and national newspapers contend it could be nearly $30 billion.
How much did the London Summer Olympics cost?
In recent years, the 2016 Olymics in Rio cost just under $14 billion which represented a 352 percent cost overrun while the 2012 London Olympics saw its final bill of just under $15 billion come in 76 percent overbudget.
Do Olympians get paid?
However, most Olympic medal winners do receive a cash reward from their home Olympic committee. The US Olympic and Paralympic Committee pays members of Team USA $37,500 for each gold medal they win, $22,500 for every silver, and $15,000 for a bronze.
Do Olympians have to pay for their travel?
“Everything leading up to going to the Olympics is completely self-funded,” she said. “Once you make it to the Olympics your travel expenses are paid for, but you won’t make money off of it unless you medal or get sponsorships from outside the United States Olympic and Paralympic Committee.
Why were the Sochi Olympics so expensive?
Investments in the Sochi Games were subject to a substantial amount of corruption and fraud, pushing the price tag higher. One report claimed that between $25 billion and $30 billion of the Olympic investment fund had been embezzled.