Salt Lake City’s 2034 Winter Olympics could cost $2.83B, but taxpayers won’t be on the hook
SALT LAKE CITY (ABC4) — A $2.83 billion price tag has been attached to operating the Salt Lake City 2034 Winter Olympic Games, and, according to officials, taxpayers are off the hook for that cost.
Salt Lake City-UT 2034 (SLC-UT 2034) Committee for the Games President and CEO Fraser Bullock said the entire proposed budget will be funded through commercial and private sources, with no use of state or local taxpayer funds. Keeping taxpayers from footing the bill is a “cornerstone” of the Committee’s financial plan, said Bullock.
So where exactly will the money come from?
The SLC-UT Committee said support for the 2034 games will largely come from domestic sponsorships ($1.8 billion) as well as ticketing to the events and hospitality ($1.19 billion). Finally, The International Olympic Committee (IOC) also makes a “significant” financial contribution to the Games’ host.
13 venues tapped to host 2034 Winter Olympic events
Bullock noted that the 2034 operating budget for the games nearly matches the operating costs of the 2002 Winter Games which was $2.84 billion, accounting for inflation. While the SLC-UT 2034 Committee expects a 40% increase in events, Utah can save money by not needing to build any new venues.
Utah Gov. Spencer Cox said the games provide a “very purposeful” opportunity for the Beehive State.
“The Olympic and Paralympic Winter Games in 2034 will bring impactful benefits to our state,” said Cox. “From a societal perspective, it will help boost our communities through sport. And the Games will bring notable economic impact through enhanced tax revenues and creation of jobs.”
The $2.83 billion operating budget is part of the overall $3.99 billion budget that includes revenue sharing with the U.S. Olympic & Paralympic Committee, sponsorship fulfillment, sales costs, and legacy funding. The budget also includes $260 million that would support Utah’s community sports programs.
“The legacy from the 2002 Winter Games was transformative in promoting sport across our state,” said Bullock. “Our initiative to return the Games to Utah is rooted in extending that living legacy that our communities enjoy today well into the future.”
SLC-UT 2034 is in final preparation for an anticipated election in Paris in July as the IOC’s Preferred Host for the 2034 Winter Games.
The IOC Executive Board is expected to review the report of its Future Host Commission from June 12-14 and decide whether to recommend that to the full IOC Session make a final decision on July 24 in Paris.
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