The Olympic Games are a prestigious event with an incredible history that any country would be honored to host... Well that USED to be the case. Originally, hosting the Olympics meant creating jobs for the host city's population, creating publicity for the host country's tourism, in addition to revenue from the media coverage and possible investors, so even though the host country had to take out loans and reduce funding in other sectors to afford them, the Olympic games were a profitable investment.

A total of 12 different countries bid for the honor of hosting the 2004 games that was won by Athens, Greece, but only 5 countries bid for the 2020 games which were won by Tokyo, Japan. For the 2024 Games, of the five cities in the running, 3 opted out, Rome withdrew citing fiscal difficulties, Budapest withdrew after a referendum sided against hosting the Games, and Hamburg withdrew after also holding a referendum that sided against holding the games, this left two cities and so, fearful of not having a host for the 2028 games, the International Olympic Committee decided to award the 2024 and the 2028 games to the remaining candidates, the 2024 games was given to Paris, France, and the 2028 games to Los Angeles, USA.

So what's the reason for this drop in interest in holding the Olympic Games?

The Olympic Games require a vast amount of infrastructure, In addition to approximately 30 different venues for the sporting events, depending on the discipline, it requires a media and TV production facility that costs around $500 million, an Olympic village to house the athletes complete with training and relaxation facilities that can cost anywhere between 1 and 3 billion dollars, roads and transport infrastructure for the athletes to travel to and from the different areas and special lanes for IOC executives, a Media Village, a ceremonial stadium and green spaces among other things, and all this has to look new! so even if you have some of this infrastructure in place you'd still have to renovate it.
Even though these costs are high, the benefits used to outweigh them, but nowadays they don't. The desire to hold the games in previous years has lead host countries to vastly underestimate the cost and overestimate the profits, in fact, in the last 50 years every single game has gone over budget, and whereas beforehand, revenue and TV rights would cover this overspending because the IOC only took around 4%, now that figure is closer to 70%.
For the 2004 Athens games, the estimated cost was $6 billion, it ended up costing $11.6 billion, and only generated $3 billion in revenue.
Beijing 2008, London 2012, and Rio de Janeiro 2016 all share a similar tale of low revenue and high expenditure, and after going over budget to a cost of over $15 billion, it seems as though Tokyo will go the same way, but this isn't the only problem with hosting the Olympics.
The specialized infrastructure required for the Olympic Games is not only expensive to maintain but a lot of it is actually pretty useless once the games are over, this means that host cities now have to choose whether to carry on paying for the maintenance or pay to renovate the facilities to repurpose them or just to leave them abandoned, Considering the huge amount the city has already paid to host the games it's no surprise that most of them are left abandoned.
Add to all this the fact that just bidding for the chance to host the Olympics cost money, a project has to be put together, stadium designs and infrastructure projects have to be specified, Madrid, Spain bid for the 2012 games, the 2016 games, and the 2020 games and lost them all, the 2016 bid alone cost them nearly $200 million!

So if the Games have an Olympic entrance fee, require an Olympic effort to host them and an Olympic cost to pay for them, is it really any surprise that no one wants to play?

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