Japan hopes to earn $2 bn as Tokyo 2020 Olympics host

Japan hopes to earn $2 bn as Tokyo 2020 Olympics host

PanARMENIAN.Net - The Tokyo 2020 Olympic bid chief says his Games would earn at least $2 billion in direct revenue for the host city, in an interview with RIA Novosti, the news agency reported.

The Japanese city is bidding for a second consecutive time to hold the Summer Games, up against Istanbul, Doha, Baku and Madrid. Japanese Olympic Committee President Tsunekazu Takeda, who is running Tokyo's bid, said the organizing committee expects revenue from sponsorship, ticket sales and licensing, among other things, to nudge past the $2 billion mark.

That is double what was originally forecast for London 2012, though Britain's $1 billion estimate was said to be conservative. It appears to fall short of Rio de Janeiro's predicted revenues of $2.82 billion for the 2016 Summer Games.

For Tokyo, ticket revenue is expected to top $755 million, roughly the same as projected sales for London 2012 and double the predicted Rio sales. From brand licensing the Tokyo team hopes to rake in $48 million, with $414 million coming from other sources. The figures do not include revenues from the sale of television broadcast rights, which are controlled by the International Olympic Committee.

National Olympic committees from the world over are assembled in Moscow to hear the first bid presentations on Saturday, while the IOC will announce the winner in September 2013.

Takeda confirmed the Tokyo Metropolitan Government had set aside $4 billion for reconstruction and infrastructure upgrades necessary for the Games, the same figure as promised for the failed 2016 bid. Officials in February said $1 billion would be plowed into renovating the National Olympic Stadium used in the 1964 Tokyo Games. The budget of the bid, meanwhile, is $83 million, Takeda said. The 2016 bid cost Tokyo $150 million, which provoked public criticism and led to promises to halve the budget this time around.

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