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Chicago’s Olympic bid: An expensive proposition

With help from hometown heroes like the Obamas, Chicago is aggressively lobbying to host the 2016 Summer Olympics. But making the games profitable would not be an easy win.

Chicago is competing with Tokyo, Madrid, Spain and Rio de Janeiro in wooing the International Olympic Committee in Copenhagen. A decision is expected Friday.

Chicago 2016, the organization leading the effort to host the games, expects a cost of $3.8 billion, including a “rainy day” fund of $450 million in case of unforeseen increases.

But there’s good reason to be skeptical of that projection, said Robert Livingstone, producer of GamesBids.com and a leading expert in the Olympic selection process. Host cities routinely overrun their Olympic budgets, he said.

Post credit: CNNMoney.com

Click link to continue reading original article – Chicago Olympic bid

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