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@fredtc
from the NYT yesterday -
Tokyo initially said it would spend $7.3 billion, but a 2019 government audit put the actual spending at around $28 billion.
Every Olympics since 1960 has run over budget, at an average of 172 percent in inflation-adjusted terms, according to an analysis by researchers at Oxford University. They concluded that this was “the highest overrun on record for any type of megaproject,” far exceeding roads, bridges, dams and other major undertakings.
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Will Beijing make money?
They’re doing some really crazy, crazy things. They’ve selected two venues 60 and 120 miles to the north of Beijing to host the Nordic and Alpine skiing events. Both of those areas are arid — not far from the Gobi Desert. They have to invest tens of billions of dollars in a water transfer system because they’re going to have to use artificial snow. None of that’s going to appear in the Olympic budget. It’s extremely stupid to spend that kind of money to promote skiing in the north of China when it’s not a very popular sport. They admitted to spending $44 billion for the 2008 Summer Games.