Organizers for the proposed 2034 Winter Olympic Games in Salt Lake City unveiled their initial budget estimate on Monday, projecting total costs just under $4 billion. Of this, $2.84 billion is allocated for operational expenses.
Despite planning 40 percent more events than the last time Salt Lake City hosted the Olympics, the operational costs for 2034 are expected to be one percent lower than those for the 2002 Games when adjusted for inflation.
The International Olympic Committee (IOC) is set to review the budget later this month and is anticipated to officially award the 2034 Games to Utah’s capital during a meeting on July 24, ahead of the Paris Summer Olympics.
Salt Lake City is leveraging many of the venues used in 2002, with no new venue construction planned for 2034. Instead, existing facilities that have been maintained and upgraded since 2002 will be utilized.
Olympic Games are infamous for exceeding budgets and for the complexity of tracking expenses, often due to the intricate breakdown of operational and total costs. Additionally, the process of filtering financial details through governments and the IOC can make the figures less transparent to the public.
“One of the statements that Fraser makes often is that Olympic budgeting is, in fact, an unofficial Olympic sport,” said Brett Hopkins, the bid’s chief operating officer, during a media call alongside bid CEO Fraser Bullock. “There is just a tremendous amount that goes in behind the scenes.”
If Salt Lake City can adhere to these projected numbers, it would mark a significant departure from recent Winter Games budgets. For comparison, Russia reportedly spent $51 billion on the 2014 Sochi Olympics, and South Korea spent $12.9 billion on the 2018 Games, which were initially projected to cost between $7 billion and $8 billion.
The Salt Lake City committee estimates they will break even by targeting $1.8 billion in domestic sponsorship. Additionally, they are budgeting a $260 million legacy contribution to support local community sports programs. This contribution is part of the non-operational spending and may be adjusted if the budget does not align.
Fraser Bullock acknowledged the fluid nature of Olympic budgets but emphasized Salt Lake City's commitment to not overspend on the 2034 Games. “This budget we've gone through, we're probably on iteration 'over a hundred,'” he said. “That's just the dynamics of budgets for Games. As you learn more and you get more information, they constantly evolve.”
Reference(s):
Salt Lake City Olympic bid projects $4b budget for 2034 Winter Games
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