The 2020 Tokyo Olympics will cost between $15 billion and $16.8 billion, according to a new estimate released by organizers on Wednesday.
That price tag represents something of a reduction amid fears among some that the budget could swell to $30 billion. Still, the current amount is substantially larger than originally projected.
Organizing committee officials promised to continue scrutinizing costs, saying in a statement that they wiould “work toward optimizing even further the budgets.”
The latest estimate comes at a time when a private Los Angeles committee is entering the final phase of bidding for the 2024 Summer Olympics.
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