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Tuesday, September 28, 2021

Tokyo 2020. Exorbitant cost, negligible revenue

Despite the conclusion of the “Tokyo 2020” Olympics, questions are still open about the financial conditions surrounding the games that were held without an audience, and their costs exceeded twice the original budget that the host country initially estimated for them.

The costs of holding the Tokyo Olympics and Paralympics are expected to reach 1.64 trillion yen ($15 billion), 22% more than the previous estimate before the Games were postponed in 2020, and this figure is twice the estimate made by Tokyo within The application file for hosting the games is 800 billion yen.

An official Tokyo 2020 Olympic Games banner is seen on the Tokyo Metropolitan Government Building on January 22, 2021. (Photo by Behrouz MEHRI / AFP)

The bill for the tournament, which will have to be paid in full after the Games ends, is divided into 3 sections between the Tokyo 2020 organizer, the Tokyo District Government, and the Central Government of Japan, and the largest share of the bill is the responsibility of the host city.

Before the decision to postpone the tournament in 2020, the number of tickets sold was 4.48 million, and it was expected to generate revenue of 90 billion yen (816 million dollars), and this number became nil after the decision to hold the games behind closed doors.

The Tokyo Organizing Committee was responsible for selling tickets, and after a large part of the insurance policy from the cancellation of the session was exhausted, it is unlikely to get a large amount of canceled ticket sales, according to insurance industry sources.

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