When you think about what Beijing is known for. snow doesn't come to mind. It only snows about
four days a year. Yet that didn't stop the International Olympic Committee from awarding
it the Winter Games in 2022. There weren't a lot of options. The only other contender was Almaty,
Kazakhstan. Even though the Olympics are the pride and joy of a country,
most don't want to host the Games anymore. A record 11 cities bid for the 2004 Olympics.
That dwindled down to five for 2020 and it's kept falling. After three cities dropped out of
the 2024 race, that left Paris and Los Angeles, so the IOC gave them to the French capital and
decided LA would do the honors in 2028. So why does no one want to host the Olympics anymore?
The Olympic Games are really expensive to host. Every single one in the past few decades has gone
over their estimated cost and the postponed 2020 Tokyo Olympics are expected to be no different.
And you, the taxpayer, are responsible for paying a good portion of the bill.
Beijing's Bird's Nest stadium for the 2008 Olympics cost $480 million. Located not too far
away is the Aquatics Center - $140 million. Then there's the Olympic Village where the athletes
live. Rio de Janeiro built these condos for $700 million which was actually not a lot compared to
the $3 billion subway line that didn't even extend all the way to the Olympic venue. And ever since
2001, security costs have gone up with London dishing out $870 million for its 2012 Games.
So many other expenses that might not be obvious can add up, like building hotels in some cases
because the IOC requires 40,000 rooms be available for the Summer Games, or reserving special lanes
for athletes and officials and having a media center for journalists which is not cheap.
Networks pay a lot for the rights to broadcast the Games and spending has soared over the years. The
host city gets some of the revenue but less than they used to. The IOC pockets about half of it. In
the end, cities have been spending more than they earn and they justify the costs in the hopes the
Games will leave behind a legacy. But in the case of Brazil, it's not the legacy they wanted. When
Rio de Janeiro became the first South American city to host the Olympics in 2016, it was a moment
of national pride. Most of the sporting events took place in a remote region in the western
zone of Rio at the newly built Olympic Park for half a billion U.S. But when the Games ended,
everything fell apart. In January 2020, a judge ordered it shut down over safety concerns. And the
iconic Maracanã Stadium, which held the opening and closing ceremonies was abandoned after the
Games. Vandals ripped out thousands of seats. The state was so saddled down by the $13 billion cost
of the Games, it couldn't pay its teachers on time let alone take care of its Olympic venues. And the
athletes' village was supposed to sell as luxury condos but most of the units still sit empty.
People are speaking out about the consequences of hosting the Games. A group in Boston actually put
a stop to their city's 2024 bid. So is it possible there could be no Olympics one day? The IOC knows
there's a problem. In its 2020 agenda, it listed recommendations as it's done in previous years to
shape the future of the Olympic movement. One of the key points is including sustainability
in all aspects of the Games which also means making sure the Games don't break the bank.
That will be put to the test in 2024. Organizers of the Paris GameS say they're pretty much using
what they have instead of building more because 95% of the infrastructure it needs already exists.
Beach volleyball will be played by the Champs de Mars green space.
Archery will take place outside Les Invalides, a complex of museums and monuments.
Fencing in taekwondo will be held inside the historic exhibition hall Grand Palais.
Making the most of what you have worked out for Los Angeles when it hardly constructed any venues
for the 1984 Olympics and made a profit of $250 million. LA didn't feel the pressure to build
after seeing how the 1976 Games nearly broke Montreal. The Olympic Stadium alone cost over
$1 billion, It took Canadians 30 years to pay off the debt and the province of Quebec still spends
millions maintaining the stadium even though no major sports team uses it. Avoiding maintenance
fees is the reason Pyeongchang decided to tear down the $100 million stadium it built
specifically for the opening and closing ceremonies of its 2018 Winter Games.
And to really save on costs, there's the idea floating around of having a permanent host city -
although some argue this would tarnish the global nature of the Olympics.
But it's clear more and more cities are struggling to afford the Games. For the 2026 Winter Games,
once again only two contenders put up their hand. The Italian duo of Milan and the ski
resort Cortina d'Ampezzo beat out the Swedish duo. But this doesn't mean the Olympics will
be gone for good. The Olympic Games were never just about sports. It's a way for countries to
show off their progress on the world stage which is why it's no coincidence Russia and China have
been the biggest spenders. Beijing's $40 billion Games were only eclipsed by the $51 billion Russia
spent on Sochi in 2014 - the most expensive ever. So long as these countries continue to spend,
the show will go on. But if the IOC wants to see more diversity among the host city candidates
there has to be a new kind of Olympics. One that brings home the medals but leaves the debt behind.
Hey guys, thanks so much for watching. I'm Cindy Pom.
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