How to Avoid the Next Sochi - Bloomberg: So what did all of that money buy? One-half of an Olympic Village, apparently. At this point, the Sochi Games will be judged a success if they're free of suicide bombers and the Iceberg Skating Palace doesn’t collapse.
Sochi may be an extreme case, but the general pattern is familiar: Host country wins bid for games, then goes way over budget -- in this case, $39 billion over -- preparing for them, all the time insisting that the money is financing vital infrastructure projects. (Like, say, a new mountain road to a new ski resort.) Once the games are over and everyone goes home, the host country is left with a lot of debt and underused stadiums and hotels. (Not to mention displaced citizens when the games are held in densely populated areas.)
A simple solution is at hand: Designate permanent sites for both the Summer and Winter Games.