Olympics 2024: Host cities play well but costs a spoilsport
Olympics, Paris designed its opening ceremony to make a splash, with ethereal dance performances, athletes floating down the Seine and a blowout performance by Celine Dion. A big display is table stakes, and hundreds of thousands of people jammed the city's bridges and riverbanks for hours to cheer the flotilla.
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But to make these Olympics truly unique, Paris also had something quieter in mind: It vowed to buck the decades-long trend of spending a dizzying fortune on hosting them.
That vision for a budget-conscious Olympics does not seem to have panned out. The tab for the Games in Paris, the first city to fully test cost-cutting reforms that the International Olympic Committee introduced in 2019, is at least $8.87 billion. That isn't an eye-popping bill compared with the $17 billion that London spent in 2012, the estimated $28 billion that Tokyo spent in 2021 or the $24 billion that Rio de Janeiro spent in 2016 — the three most expensive Summer Games to date. But the figure is more than $1 billion above the historical median cost of hosting the Games, according to a study by researchers at Oxford's Said Business School published in May. And it is about 115% above Paris' initial estimate.
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