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Cost of 2020 Tokyo Olympic ceremonies up 40%

15 Comments

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Whatever the final bill for this ultimate boondoggle, tack on another $2 mil in bribe money to Black Tidings to get the games in the first place.

10 ( +10 / -0 )

The Olympics is the biggest scam ever and especially in Japan with all the cronies reaping the benefits from construction and other avenues. The public is footing this bill? How about the people who are still living in shelters after 311? All I know is that money is going to places where it shouldn't be.

10 ( +11 / -1 )

He said there was a reserve fund for such increases.

Of course there is... just take it from petty cash..!

8 ( +8 / -0 )

Someone please translate this poorly written article! The numbers and information being passed around here make no sense!

Toshiro Muto, the chief executive of the games, told executive committee members on Friday that the cost for the ceremonies would be capped at 13 billion yen, about $118 million. Tokyo estimated that cost at 9.1 billion yen - about $82 million - when Tokyo was awarded the games in 2013.

Opening and closing ceremonies; $118 Million (Ok I get it!)

Overall Olympic Budget (Estimate) $82 million (Ok I get this too,)

Despite the increase, Muto said the privately funded operating budget of 600 billion yen - about $5.5 billion - would be unchanged. He said there was a reserve fund for such increases.

Huh? Opening and Closing ceremony budget actually $5.5 BILLION? And "privately" financed? WTF?

Overall, Tokyo is spending at least $20 billion to ready the city for the Olympics. Excluding the operating budget, the rest comes from the national, city and regional governments.

So Tokyo is funding at least $20 Billion, the rest, (est)$62 Billion from national, city and regional governments. Meaning PUBLIC TAX funds!

Why do I get the feeling that the $5.5 BILLION is Muto's slush/kick back, fund!

5 ( +6 / -1 )

The companies involved are ai many, and A LOT of them have very tight relations with Yakuza, it’s only natural the prices are going through the roof for everything. Constructions, ceremonies, festivities, etc

Corruption and mafia is very real and strong in Japan, but everybody teies to minimize it and put it under the carpet. Especialy the media.

4 ( +5 / -1 )

Self funded doesn’t necessarily mean good for the economy. Self funded typically means heavier tax burden on the people.

Also momentary boost does not equate to long term gains. High unemployment typically follows the Olympics as certain industries gain; however, companies don’t view those gains as something consistent and instead of reinvesting into the economy, companies tend to keep that money saved away

4 ( +4 / -0 )

Another increase of course, Dentsu have to make a return off their investment and cover their consulting fees!

3 ( +4 / -1 )

Inflation hits hardest after the Olympics and purchasing power diminishes

3 ( +3 / -0 )

What a disgrace!

2 ( +3 / -1 )

The Olympics are not something that helps an economy. While certain individual business may profit, cities and economies suffer because of it.

2016 Olympics gained $11B in revenue for Brazil. However, it cost them $20B to set everything up and another $3B in cleaning costs. That means the government lost a lot of Money. Many countries and cities have pulled out of 2024 Olympics because the skyrocketing costs are just too much of a burden for cities and tax payers.

2 ( +3 / -1 )

And just WHO are the ones who "privately" have raised Y600billion???

1 ( +2 / -1 )

Put up your hands if you're surprised.

1 ( +2 / -1 )

He said there was a reserve fund for such increases.

Of course there is. It's called "taxing the locals until the pips squeak for the next 50 years".

1 ( +2 / -1 )

Well, what a phenomenal surprise. 600 billion yen on a fortnight of running around and jumping up and down.

And the costs keep rising... gee, I wonder why?

https://news.vice.com/en_us/article/kz9e89/photos-allegedly-tying-an-olympic-official-to-the-yakuza-keep-causing-him-problems

And come October, every time you buy a loaf of bread or shoes for your kids, it's going to cost you 2% more, because we all have to be fiscally responsible and pay down the debt, remember?

I just cannot understand why so many locals believe the mantra that this boondoggle is going to magically save the economy. Like Greece and Brazil and the UK are currently up to their ringpieces in prosperity. I was here for the the world cup in 2002, and they were spouting the same hogwash then.

This is a crime being committed in broad daylight, and everyone's expected to be cheering for the burglars.

0 ( +1 / -1 )

I am puzzled at all the panic. An increase in Olympic budget would be factored in at the start. This increase (40%) is small, compared to other Olympics where the costs have even tripled. Think of the Big picture. Enormous tourist boom for Japan, new hotels, sports facilities, free advertising of Japan all around the world (food, companies, cars etc). Not to mention a massive jobs boom that will pour billions of yen into the economy through income taxes.

It's not like Japan has to borrow money from overseas, and then be paying it off for decades, like happened in places like Canada. Its all self funded.

-6 ( +0 / -6 )

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