The organizing committee for the 2018 Winter Olympic Games has announced that it has achieved a surplus of at least $55 Million USD.
“We congratulate the Organizing Committee of the Olympic Winter Games PyeongChang 2018 for the organization of outstanding Olympic Winter Games, which were extremely successful in all respects. In recognition of these great achievements, the IOC will contribute its share of the surplus for the benefit of sport in Korea,” IOC President Thomas Bach said.
Any surplus from the organization of the Games is normally divided between the IOC, the Organizing Committee and the host National Olympic Committee for the benefit of sport and the Olympic Movement.
PyeongChang’s ability to create a surplus could help to motivate other nations and cites to host their own Olympic games.
A new philosophy on hosting the games by the IOC, known as Agenda 2020/New Norm, has already allowed Tokyo 2020 and its delivery partners to save USD 4.3 billion – USD 2.2 billion saved during the review of the venue masterplan and an additional USD 2.1 billion since the introduction of the New Norm at the IOC Session in PyeongChang earlier this year.