The Paris Olympics are running to budget, organising committee CEO Étienne Thobois said, with organisers expecting to at least break even, a stark change compared to previous summer Games.
The past two Olympic Games made significant financial losses. Rio 2016 is estimated to have cost $13.1 billion and resulted in a loss of around $2bn, while COVID-19-delayed Tokyo 2020 cost around $13bn -- nearly double the initial estimate -- and resulted in a loss of at least $800m due in large part to the absence of fans.
This summer's Games are expected to cost around €9bn ($9.7bn) and, with just 73 days to go until the opening ceremony, Paris organisers are confident they will not go over budget and will earn back every cent.
"Everyone has been conscious of every euro that is spent, that it is useful, and we should be careful not to spend any euros on things that are superficial. Frankly, that is a challenge in itself," Thobois told reporters.
"The target [around making a profit] is always to be balanced. We've always said we will spend only what we can generate in terms of revenue. The target is not to make money. The target is just to deliver a spectacular Games and to do it on a balanced budget. That's the aim.
"We have kept some contingency, and hopefully we will not use all of the contingency, so it will be a little plus at the end, but it will be marginal."
Around half of Paris' budget is allocated to the 2024 organising committee, which is in charge of managing the competition, tickets and security. The other half is allocated to the Olympic Delivery Company (Solideo), responsible for building the facilities.
"We definitely have some tangible [physical] legacy, to borrow some of the old terminology. The tangible legacy is definitely aimed in [Paris suburb] Saint-Denis. More than 85% of the investment in infrastructure is target there [with the Olympic Village]... The tangible legacy is being carefully planned. We have made sure not to build things [stadiums] that will not be used," Thobois added.
A source told ESPN that Solideo expects to meet its budget, with most of their work completed and financially closed.
The Olympics are scheduled to take place between July 25 and Aug. 11. The Paralympics will take place from Aug. 28 until Sept. 8.
Thobois' comments come as organisers released a report on Tuesday that outlined the economic impact of the Games.
Paris decided against building new infrastructure for this summer's Games, instead relying on preexisting stadiums and arenas, as well as a host of temporary facilities.