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Tokyo Olympic organizers won't confirm added costs reported at $3 billion

25 Comments
By STEPHEN WADE

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These Olympics have been a curse on us living here in more ways than 1

13 ( +13 / -0 )

University of Oxford study published early this year - calculated before the postponement - said Tokyo was the most expensive Summer Olympics on record and the meter is still running.

It's already expensive even before postponement and there is cost for delay that $3 billion. Also now there is cost to put virus measures that will need extra $960 million. Olympic cost just getting more and more now.

11 ( +11 / -0 )

What a money pit!

11 ( +11 / -0 )

Organizers of the delayed Tokyo Olympics have declined to confirm widely circulated reports in Japan that the costs of the one-year postponement will be about $3 billion.

"We can neither confirm nor deny the veracity of these reports". This is not revealing the nature of a deep cover intelligence asset or classified weapons system, it's the Olympics! Which the japanese taxpayers are on the hook for.

11 ( +11 / -0 )

The country thanking their God everyday is Turkey.They were the favorites to get the Olympics and become the first Middle Eastern country to hold.And then at the 11th hour,Tokyo came through with their great "salesmanship" and were given again, even though they'd hosted back in 64. And here we are.Karma,bad luck,both or other?

11 ( +11 / -0 )

Money that could be well spent on supporting those that have been hit the hardest by the pandemic. Tokyo residents, it's your city, your Olympics, better rise up now or forever hold your voice. Not my Olympics, I don't live in Tokyo so don't tax me.

10 ( +11 / -1 )

I think at that cost, you could just give every athlete a gold medal.

9 ( +9 / -0 )

Can the people who voted "yes" to the Olympics pay double in taxes? Why should the majority of the public, who didn't want the Games, have to pay more? And also, if they won't confirm that it's $3 Billion, that means it's probably triple.

9 ( +9 / -0 )

I wish Turkey had been awarded these cursed Olympics and Abe had kept his big, lying mouth shut.

9 ( +9 / -0 )

Not that anyone cares, but the organisers can not confirm nor deny because those numbers are a farce and can not be substantiated.The real cost is only 10 % of the amounts mentioned and the reasons they are exaggerated is so Dentsu can demand more money from the sponsors.

7 ( +7 / -0 )

Money that could be well spent on supporting those that have been hit the hardest by the pandemic. Tokyo residents, it's your city, your Olympics, better rise up now or forever hold your voice. Not my Olympics, I don't live in Tokyo so don't tax me.

well said!

7 ( +7 / -0 )

I would prefer my tax dollars going toward supporting small businesses during the PANDEMIC we are undergoing.

The greedy, selfish Olympics and all the money grubbing politicians can go and get .....

7 ( +7 / -0 )

It's going to be not just the most expensive, but the most boring Games, given all the covid-related restrictions that will reduce crowd size and limit social activities.

Every country needs to realize that hosting the Olympics carries huge downside risks including when there are no pandemics, and that the people responsible need to be held accountable when such risks materialize.

6 ( +6 / -0 )

Scrap the whole thing, and stop throwing good money after bad. This is how governments behave when they don't fear the people.

6 ( +6 / -0 )

Organizers of the delayed Tokyo Olympics have declined to confirm widely circulated reports

Thats a pretty clear answer in itself ain't it.

And here we are.Karma,bad luck,both or other?

Yah..it's karma for J public for re-electing the same useless LDP muppets perpetually.

5 ( +5 / -0 )

"We are in the process of assessing the additional costs associated with the postponement of the games due to COVID-19 and therefore are not able to comment on any details at this time," Tokyo organizers said Monday in a statement.

Oh no, statements like this help to exarcebate my Trustphobia.

5 ( +5 / -0 )

Any of these projects likely to benefit Tokyoites after the Olympics? New roads? New subway lines? Im not a city person, but itd be nice to think there are some lasting benefits in the capital from all this money.

4 ( +4 / -0 )

I, like most of you, am pretty disgusted about the massive cost over-runs in the run-up to the 1st shot.

And I, like you, am disturbed that the public officials in charge do not feel the need to be transparent about additional costs of hosting a make-up next July (we hope).

But as a former Economics instructor, I feel the need to discuss the theory of Sunk Costs. Very simply, all the expenses up to now, are irrelevant in decision making because regardless of whether the Olympics are held or not, that money is gone AND IS NOT COMING BACK. An example I used to use to over simplify; imagine you are standing at the top of a volcano, it erupts, and the vibration makes you drop your camera into the lava dome. Do you stand there or run? Do you think "But my camera!!!!" No, YOU RUN, DUMMY! Why? Because regardless of whether you stay or run, your camera is gone.

In the decision of whether to conduct the Olympics or not (assuming that it can be conducted safely), the only relevant issues are Marginal Cost and Marginal Revenue (or benefit). Marginal Cost is how much more you have to spend to get the Olympics done FROM NOW (Remember, the money spent up until now is a sunk cost, camera in the lava dome, it's gone). In this case, it is believed to be about 3 Billion.

Marginal Revenue is the additional money you get from holding the Olympics.

If the Marginal Revenue is greater than the marginal cost, you hold the Olympics. If it isn't, you don't.

Or at least that is how it works in logic land. I fully understand that there are issues of political pride and survival.....

Personally, my feeling is that MRMC, and that we can lose less money on this debacle by holding rather than cancelling, but I have not objective evidence. It's just a feeling.

4 ( +6 / -2 )

There are no costs for cancellation of the games for Japan IF the IOC cancels them. If Tokyo does, they could be liable for billions to the IOC if they have the immorality to sue if the reason for cancellation is the pandemic. The IOC being the IOC I have no doubt they will sue. The IOC by now will have covered themselves against Tokyo actions if they would cancel.

For the rest, cancellation only saves money. The money to be spend between now and the end of the Paralympics.

because of complete insertion since the postponement, no significant revenue will be brought in from now unless domestic ticket sales and some extended sponsorship money from local sponsors. Not the global ones, except the Japanese ones. And actually asking that extra money is completely unethical and immoral....sorry forgot for a second that Dentsu.. well...

above a poster rightly comments that the money spent is spent. I do not agree that all of that is wasted. There is the improved infra structure and new facilities. But of course a lot is wasted but mostly private not public money( sponsorships and paid up tv rights)

4 ( +4 / -0 )

what a massive waste of taxpayers money....what for my dear what for...?

3 ( +3 / -0 )

I honestly hope that this is the Olympics that breaks the proverbial camel's back and it stops here.

Unbelievable that with all that's going on in the world that this kind of money is spent on a sporting event.

White collar crime at its very best.

2 ( +2 / -0 )

Each nation needs to understand that hosting the Olympics entails tremendous downside risks, even when there are no pandemics, and that when those risks materialise, the individuals responsible need to be kept accountable.

2 ( +2 / -0 )

What is the cost (or cost savings) of cancelling the Tokyo Olympics?  Otherwise, go forward with COVID-19 safety precautions in place - (what is the additional cost of COVID-19 safety precautions?) . . . .

1 ( +3 / -2 )

I wish Turkey had been awarded these cursed Olympics and Abe had kept his big, lying mouth shut.

They probably laugh at Abe and Suga right now. Karma is a b!tch, really!!

It's going to be not just the most expensive, but the most boring Games, given all the covid-related restrictions that will reduce crowd size and limit social activities.

This is why Abe resigned.

0 ( +0 / -0 )

*The official cost of putting on the Tokyo Olympics is $12.6 billion. However, a government audit last year said it was probably twice that much. All but $5.6 billion is public money.*In the end all the countries that participated in the Olympics will be winners the only loser will be Japan. The country will be left with massive debt and the taxpayers will be on the hook to bail the country out. When the olympics was cancelled that should have been Japans way of backing out, they could have had a sound argument for doing so. If they cancel now they will owe the Olympic committee billions.

0 ( +0 / -0 )

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