TOKYO: Japanese media say Tokyo Olympic organizers will present their first official cost estimate for the 2020 Games at a level slightly below their promised 2 trillion ($17 billion) cap.
The reports say organizers are expected to present an estimated total of 1.6 trillion to 1.8 trillion yen ($14 billion to $15 billion) at Wednesday’s meeting in Tokyo.
International Olympic Committee vice president John Coates has criticized the $17 billion cap as too high. Coates, via videoconference from Australia, will join chief organizer Yoshiro Mori, Tokyo Gov. Yuriko Koike and Olympic Minister Tamayo Marukawa.
The games operational cost is expected to take up about half of the total budget.
A Tokyo government panel has warned the cost of the Olympics could exceed $30 billion — four times the initial estimate — without drastic cuts.