Tokyo 2020 Olympic Games opening and closing ceremonies cost has been up by 43 per cent. The projected cost of the two mega events was released by the Tokyo 2020 organising committee.
The organizers of the 2020 Tokyo Olympic and Paralympic Games today (Friday) increased the budget for the opening and closing ceremonies roughly 43 percent to 13 billion yen ($117 million).
Tokyo 2020 Games chief executive Toshiro Muto has told executive committee members today (Friday) that the cost for the two events will be budgeted at 13 billion yen ($118 million). The initial cost for the opening and closing ceremonies were project to be 9.1 billion yen ($82 billion) when the Games were awarded to Tokyo six years ago.
Tokyo 2020 Organising Committee, however, opines the cost is still reasonable. “Using London Olympics spending as a model, I think this is the minimum we need to spend to get the job done,” Muto said and added the privately funded operating budget of 600 billion yen ($5.5 billion) would be unchanged. He said there was a reserve fund for such increases.
With the Tokyo Games already facing tough financial choices, the organizers decided to keep the budget for the ceremonies smaller than that for the 2012 London Olympics ($144 million) and the 2024 Paris Games ($134 million).
The opening and closing ceremonies for the Tokyo Olympics and Paralympics will have traditional Japanese theatre actor Mansai Nomura as the chief creative director.
Overall, Tokyo is spending at least $20 billion to ready the city for the Olympics. Excluding the operating budget, the rest comes from the national, city and regional governments.
The committee will, however, consider reducing spending in other areas in the budget and dipping into adjustment funds.
At the same meeting, Japanese Olympic Committee President Tsunekazu Takeda apologized for “causing worry” after being investigated by French authorities for corruption in connection with Tokyo’s hosting bid, according to Japanese news agency Kyodo.
Takeda is under investigation over some $2 million in payments made by Japan’s bid committee in 2013 to now-defunct Singapore-based consultancy Black Tidings.