The 2022 Winter Olympics are the next Games to be awarded, and as it turns out, city after city is declining the “honor” of hosting them. ….
Why the sudden mass exodus from hosting? Because cities with an eye for financial reality have seen the results: Russia spent $51 billion on the Sochi Olympics, an incomprehensible sum for any nation but particularly one teetering on the edge of political turmoil.
China spent $40 billion for the 2008 Beijing Games. Montreal lost nearly a billion dollars hosting the 1976 Games, and it took 30 years to pay off that debt. Nagano, Japan, which hosted the Olympics in 1998, apparently still hasn’t paid off its debt. …
It’s a never-ending game of no-limit poker, and the IOC is happily watching as the stakes skyrocket every two years. Want to play? Go right ahead, cities of the world. Your grandchildren will be just fine with paying it off, right?
Accompanying the article is a gallery of abandoned venues:
Conspicuously absent: Vancouver.