About This Source - Bloomberg QuickTake: Now
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Bloomberg Quicktake: Now published this video item, entitled “Cost of Postponed Tokyo Olympics Expected to Reach $15.4 Billion” – below is their description.
Tokyo 2020 CEO Toshiro Muto announced on Tuesday that the official cost of the postponed Tokyo Olympics will be 1.64 trillion yen (US$15.4 billion).
He said the metropolitan and central government would cover the cost for ant-virus measures during the games.
“The Olympics organizing committee will not cover the extra cost for anti-virus measures. Tokyo metropolitan government and the central government will be the ones to cover,” said Muto during a press conference held in Tokyo.
Muto noted that the committee has not made any deal with domestic sponsors regarding extending sponsorships for the games next year, but almost all sponsors had expressed their willingness to do so.
“One thing I can say is that we received positive responses from all the domestic sponsors regarding extending their contracts for a year. And we also received kind words from them that they are willing to do something to contribute to the games,” said Muto.
The revised $15.4 billion budget is 22% higher than last year, an increase of $2.8 billion, reflecting the extra costs arising from the postponement from 2020 to 2021, such as renegotiating contracts and anti-virus measures.
Audits by the Japanese government over the last several years, however, show the costs are higher than officially stated and are at least US$25 billion.
Tokyo said the Olympics would cost about US$7.5 billion when the IOC awarded the games in 2013. A University of Oxford study earlier this year said Tokyo is the most expensive Summer Olympics on record.Bloomberg Quicktake: Now YouTube Channel
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In This Story: Tokyo
Tokyo, Japan’s busy capital, mixes the ultramodern and the traditional, from neon-lit skyscrapers to historic temples. The opulent Meiji Shinto Shrine is known for its towering gate and surrounding woods. The Imperial Palace sits amid large public gardens.