Preparations for the 2026 Winter Olympics in Milan and Cortina have been bumpy. A delayed and problem-plagued ice rink and a contentious bobsleigh track have renewed familiar worries about schedules slipping and costs ballooning — a pattern long associated with the Winter Games. Some observers fear 2026 could be a tipping point for how nations view hosting large sporting events.
Victor Matheson, an economics professor at the College of the Holy Cross who studies the fiscal effects of major sports events, is blunt about the failures. He says delays at a multipurpose arena are “inexcusable,” and argues that cities without suitable existing venues probably shouldn’t bid at all. His bigger concern is the risk that expensive, bespoke Olympic facilities become “white elephants” that sit unused after the crowds leave.
The official budget for Milan-Cortina is north of $3.5 billion (€3 billion). Organizers and analysts point to a possible boost from tourism and infrastructure of roughly €5 billion, but those figures remain speculative. Meanwhile, local residents repeatedly express a simple complaint: the Games are entertaining, but they don’t want to be left footing a long-term bill for what amounts to someone else’s party.
The IOC, structured as a non-profit, redistributes most Olympic revenue back into sport and athlete development and offered about $925 million to Milan-Cortina — slightly less than the $970 million given to Beijing in 2022. Still, Matheson stresses a blunt reality: the IOC largely lacks the cash to stage events on its own. “It only has the history and the property rights to its name and the rings,” he says, so it relies on committed hosts to build venues and operate the Games.
Where responsibility lies is contested. Matheson places much of the blame for the current hiccups on the local organizing committee rather than the IOC, and he points to moments when the IOC tried to reduce costs — for example suggesting sliding events be held in Switzerland instead of constructing a new track in Cortina. That option was reportedly rejected, perhaps out of pride, he says, a choice that sacrificed efficiency for local prestige.
Longstanding reform ideas resurface as well. Proposals include a shortlist of rotating or permanent hosts to reuse venues, or more multi-country hosting to spread costs and limit new construction. Such approaches have political downsides: picking permanent hosts raises questions about governance and human-rights standards, and multi-nation plans require complex coordination.
Some organizers are experimenting with pragmatic solutions. The 2028 Los Angeles Summer Games, for instance, are expanding their geographic footprint and moving certain competitions, like softball, to existing facilities in states such as Oklahoma — a move intended to cut costs, reach more fans, and stage events where demand is strong.
As Milan and Cortina finish preparations, the central question remains: do the prestige, tourism and short-term excitement outweigh the long-term financial and social risks for host communities? Residents, economists and politicians will be watching closely to see whether the spectacle justifies the bill.