Sochi has already shattered an Olympic record; it's the most expensive ever

February 07, 2014 03:42

Even before the Olympic torch reached Sochi on Wednesday after a 39,000-mile journey, the longest in the history of the Games -- another Olympic record had already been shattered: the cost of the Games.

The 2014 Winter Games, which open in the Russian city on Friday, will be the most expensive Olympics of all time. The estimated price tag is more than $50 billion, or approximately $510 million for each event.

Hosting the Games is never cheap, but the bill keeps climbing as cities try to outbid one another for a chance to throw an Olympic-size party. To put Sochi in context, consider that in 1984, the Summer Games in Los Angeles cost about $546 million, or $1.2 billion in todays dollars.

The Games are often billed as a boon for the host, a two-week bonanza of tourism and valuable television time. But do host countries really benefit economically?

TOP STORIES

'My husband slapped me'

rediffGURU Kanchan Rai, founder, Let Us Talk, offers advice on how to navigate life's problems.

SC rejects pleas on 100% EVM-VVPAT verification, paper ballot voting

Pronouncing the judgement, Justice Khanna said the court has rejected all the petitions, including those seeking resorting back to ballot papers in elections.

Above-normal monsoon likely to ease food prices: FinMin

With the prediction of an above normal monsoon in 2024, the government is expecting food prices to come down, the finance ministry's monthly economic report for March has said. The report, released on Thursday, said robust foreign...

RCB Vs SRH: Who Took The Best Catch? Vote!

Karn Sharma took a sharp catch off his own bowling to send back Abdul Samad.

Shehnaaz Gill's Surefire Dieting Tip

She guarantees that it will help keep food cravings in check as you focus on your dieting goal.