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Tokyo Olympics: Cost of opening/closing ceremony up 40 pcent

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Tokyo Olympics: Cost of opening/closing ceremony up 40 pcent

TOKYO (AP) — The price of the opening and closing ceremony for the Tokyo Olympics has risen about 40 percent according to numbers released by the organizing committee.

Toshiro Muto, the chief executive of the games, told executive committee members on Friday that the cost for the ceremonies would be capped at 13 billion yen, about $118 million. Tokyo estimated that cost at 9.1 billion yen — about $82 billion — when Tokyo was awarded the games in 2013.

Muto said, despite the increase, the privately funded operating budget of 600 billion yen — about $5.5 billion — would be unchanged. He said there was a reserve fund in the budget for such increases.

Overall, Tokyo is spending at least $20 billion to ready the city of the Olympics. Excluding the operating budget, the rest comes from the national, city and regional governments.

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Updated : 2021-01-19 15:00 GMT+08:00