The Olympics Games first were held in 776 B.C., cancelled in 393 A.D. and revived 1,500 years later in 1896. They have been held every year except in 1916, 1940 and 1944 due to World Wars.
With France taking up the mantle, the 2024 Summer Olympics are being held in Paris. The budget for hosting the games has been estimated at €8.9 billion or $9.7 billion.
The costliest Olympics ever held was the 2014 Winter Olympics held in Sochi, Russia. The games cost Russia over $50 billion.
The most expensive summer Olympics to date were the 2008 Beijing Olympics, at a cost of over $40 billion. They generated $3.6 billion in revenue for the city.
The 2016 Summer Olympics in Rio de Janeiro were initially budgeted at $3 billion, but instead cost the city $13 billion, with a revenue of approx $9 billion. The city had a debt of $32 million in 2016, which tripled to $113 million in 2019.
The International Olympic Committee believes that hosting the Olympic Games leads to economic benefits such as boost in tourism, creation of jobs and skill development.