Backers of Boston Olympics forecast operating surplus
Backers of Boston’s bid to host the 2024 Olympic Games unveiled a revised plan for the Games on Monday (June 29) that they said would run a $210 million operating surplus, addressing concerns the event would leave city taxpayers on the hook.
The forecast operating budget of $4.595 billion excludes capital costs including an estimated $2.8 billion to build an Olympic Village for housing athletes and a $1.2 billion temporary stadium that would host the opening and closing ceremonies and then be disassembled and converted to parkland.
“This could be the largest economic development opportunity in our lifetimes … in Boston,” said Steve Pagliuca, a private equity executive who serves as the chairman of Boston 2024. “This is going to bring a lot of jobs and a lot of housing and a lot of great things to region.”
The bid follows the International Olympic Committee’s recommendations intended to reduce the costs of hosting the Games and envisions a $210 million operating surplus, said Pagliuca, an executive with Bain Capital and co-owner of the Boston Celtics who was brought in to lead the group in May.
The recommendations were issued after record costs for the 2008 Summer Games in Beijing and the 2014 Winter Games in Sochi, on which Russia spent some $50 billion.