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Hosting the Olympics and coming away with a profit? Imagine that. Three cities that bucked the trend
Russian President Vladimir Putin visits the Coastal Cluster Olympic Village ahead of the Sochi 2014 Winter Olympics on February 5, 2014 in Sochi, Russia.
With such high costs, it's seemingly miraculous that any chosen location manages to turn a profit. Yet, some manage to do so. Here are three cities that managed to come out of their hosting stint on top:Getty Images
1. Los Angeles - Surplus: $232.5 Million
The west coast city managed to end the games with a $232.5 million surpluss due to smart planning -- like revamping old facilities as opposed to building new ones -- and budgeting. The design teams also used cheaper materials typically associated with temporary tents. You can read more about how L.A. pulled it off here.Michael Smith/Newsmakers
2. Salt Lake City - Surplus: $56 Million
Salt Lake City donated about $30 million of their profits to the Utah Athletic Foundation.
Scott Cunningham/Getty Images
3. Atlanta - Surplus: $10 Million
Aside from finishing in the black, Atlanta also benefitted from converting one of its Olympic stadiums into a facility for baseball.Marketplace Morning Report for Thursday May 29, 2014by Tobin LowStory Type BlogSyndication PMPApp Respond No
The number of countries bidding to host the 2022 Winter Olympics is dropping fast. Call it the Sochi effect -- this year’s winter games hosted in Russia, which cost a crushing $51 billion.
Poland was the most recent country to drop its bid for the 2022 Winter Olympics. Voters soundly rejected the idea in a referendum. Switzerland, Sweden and Germany were all former contenders, but they too have dropped their bids.
"It’s not like the Tooth Fairy, Santa Claus or the Easter Bunny just dropped a buttload of money in your lap," says University of Chicago’s Allen Sanderson says countries lose money because the games are run by a monopoly -- the International Olympic Committee. "Countries tend to lose money on these things."
Ukraine, Norway, Kazahkstan and China all say they’re still interested in hosting the 2022 Winter Olympics.
But not all host cities come away from their hosting gig with massive debt. Here are three cities that bucked the trend.