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2020 Tokyo Olympics cost estimate reportedly comes in 7 times over budget Business 

2020 Tokyo Olympics cost estimate reportedly comes in 7 times over budget

Residents of Olympic bid city Tokyo celebrate while holding Tokyo signs after the announcement of the 2020 Summer Olympic Games host city at Komazawa Olympic Park in Tokyo, Japan.

e 2020 Olympics and Paralympics — to be held in Tokyo, Japan — are estimated to cost seven times more than what was originally budgeted, Japanese newspaper The Mainichi reported on Friday.

Hosting the mega-events would cost Japan 801.1 billion yen ($7.03 billion), the report said, citing the country’s Board of Audit. That’s the agency that reviews government expenditure.

Japan, the world’s third-largest economy, had earlier estimated that the games would cost around 112.7 billion yen, according to the report.

Hosting the Olympics has become an expensive venture, and a number of past hosts — Brazil’s Rio de Janeiro and Russia’s Sochi, for example — went into debt after overshooting their budgets.

[“source”=CNBC]

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