Beijing Olympics generated China a profit of 146 million dollars

BEIJING - The Chinese Government has declared that the 2008 Beijing Olympic Games generated a profit of more than one billion yuan (146 million dollars).

According to the National Audit Office (NAO) website, the total operating cost of the Games was 19.343 billion yuan and the operating revenue was 20.5 billion yuan.

China also spent 19.49 billion yuan on building 102 Olympic projects in Beijing and the five other cities that co-hosted the Games, the report said.

Thirty-six spots were competition venues and the rest were used for training.

The operating revenue came mainly from broadcasting rights and marketing programs.

The expenses included 5.092 billion yuan on broadcasting, accommodation, transport and medical services; 1.272 billion yuan on the opening and closing ceremonies, torch relay and other promotional activities; and 1.424 billion yuan on human resources.

China plans to use the earnings to set up special funds for the development of sports, improving sports facilities and organizing events for the common man.

“The scheme to set up the funds is under discussion,” China Daily quoted an official, as saying.

The cost of Beijing Games was lower than that of the Athens Games, which cost 2.4 billion dollars, and reportedly made a profit of 155 million dollars.

“According to fixed exchange rates, the cost of the Beijing Games was slightly lower than that of the 2004 Athens Olympics, and as we know the budget for the next Games is more than that for Beijing. So the Beijing Olympics was not the most expensive,” chinanews.com.cn quoted an NAO official as having said.

The website further said: “BOCOG controlled the expenditure, and its revenue was much more than the originally estimated 410 million yuan.” (ANI)