The final cost of the Tokyo Olympics is expected to approach $13.6 billion when the organizing committee winds down and submits its final report, CEO Toshiro Muto said on Thursday.
Muto hinted at a press conference, after a meeting of directors, that the final cost could be “a little lower” but did not specify why he considers that.
“We are reviewing every detail,” Muto said. “This is not something where I can say this is the main reason why we expect a lower amount. I can’t put it that way.”
In December, organizers said the total cost of the Tokyo Games — delayed a year by the pandemic — would be $1.8 billion less than the $15.4 billion estimate cited last year. He explained that this responds to a reduction in labor costs due to the fact that the fairs were held without an audience.
It is very complex to calculate the Olympic Games, debating what should be considered or not as an Olympic expense.
Various audits by the Japanese government prior to the Tokyo Games suggested that the cost would double what had been estimated.
A study by the University of Oxford determined that Tokyo would be the most expensive Olympic event in history. The stadium considered several factors when comparing what was done in other fairs, including massive expenses that increased the cost of the Winter Games in Sochi 2014 (51,000 million) and those of summer in Beijing 2008 (40,000 million).
Whatever the official cost in Tokyo, 5.9 billion were contributed by the private sector and the rest by various levels of the Japanese government.
Muto said the experience gained in Tokyo would help Sapporo’s bid for the 2030 Winter Games.
Sapporo is the favorite along with Salt Lake City and Vancouver. A candidacy from Spain is also expected. The International Olympic Committee has not yet said when it will announce the host city.