Like every city that hosts the Olympics, Paris designed its opening ceremony to make a splash, with ethereal dance performances, athletes floating down the Seine and a blowout performance by Celine Dion. A big display is table stakes, and hundreds of thousands of people jammed the city’s bridges and riverbanks for hours to cheer the flotilla.
But to make these Olympics truly unique, Paris also had something quieter in mind: It vowed to buck the decades-long trend of spending a dizzying fortune on hosting them.
That vision for a budget-conscious Olympics does not seem to have panned out. The tab for the Games in Paris, the first city to fully test cost-cutting reforms that the International Olympic Committee introduced in 2019, is at least $8.87 billion. That isn’t an eye-popping bill compared with the $17 billion that London spent in 2012, the estimated $28 billion that Tokyo spent in 2021 or the $24 billion that Rio de Janeiro spent in 2016 — the three most expensive Summer Games to date. But the figure is more than $1 billion above the historical median cost of hosting the Games, according to a study by researchers at Oxford’s Said Business School published in May. And it is about 115% above Paris’ initial estimate.
“This is not the cheap Games that were promised,” the study concluded.
Figuring out how to keep host city expenses on budget is vital for the Olympics, which have struggled to find host cities in places where citizens have a say in the decision. When the IOC voted on Wednesday to give the 2030 Winter Games to the French Alps and the 2034 Winter Games to Salt Lake City, both cities were the only candidates.
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