The Sochi Effect and the unwanted Olympics
International Olympic Committee (IOC) President Thomas Bach (3rd L), Russian President Vladimir Putin (4th L) and Claudia Bach (L) attend the Opening Ceremony of the Sochi 2014 Winter Olympics at Fisht Olympic Stadium on February 7, 2014 in Sochi, Russia.
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.