The International Olympic Committee (IOC) Vice President John Coates said on Friday (June 30) he was pleased with Tokyo organisers for lowering the budget for the 2020 Summer Games saying it could serve as a model for future bidders.
In September last year, a Tokyo city government panel had warned that expenses could balloon to 3 trillion yen. That would have been some four times the estimate Tokyo had made when it won the bidding in 2013, and prompted a worried IOC and local organisers to form a working group on cutting costs.
But figures released last month showed organisers had trimmed budget estimates to 1.685 trillion yen ($15.7 billion) including contingencies, from 1.8 trillion yen in their initial budget unveiled in December.
Four cities dropped out of the race for the 2024 games due to cost concerns, and the IOC is worried that soaring costs could deter future bidders.