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.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.
Give today and get our limited edition tote.