The latest price tag for the 2020 Tokyo Olympics has been trimmed slightly, but is still nearly twice the initial estimate even after a major cost-cutting effort.
The organisers said Friday that the event will cost a total 1.35 trillion yen ($16.9 billion New Zealand dollars).
When Tokyo won the Olympics in September 2013, its bid was for 730 billion yen. That ballooned to over 3 trillion yen but was slashed to 1.4 trillion yen after Tokyo Gov. Yuriko Koike launched a cost cutting campaign.
Organisers have managed to cut still more from the estimated cost by moving some events outside of Tokyo and using existing and temporary facilities.
Tokyo's games won't be the priciest ever: the 2012 London Olympics cost $27 billion NZD.
Cities tend to exclude large amounts of associated costs when they submit a bid to host the Olympics.
Such bids usually include only core components such as the main facilities so that the bids are easier to compare. Building design, security measures, transportation and other costs are largely excluded.
Thomas Bach, who took over as IOC president in 2013, has sought to slash costs to entice cities to bid for future Games and minimise damage to the Olympic brand.
The IOC has urged Tokyo to cut $1.4 billion more.
The addition of five new sports after Tokyo pushed the tab up, but one of the biggest factors is rising construction costs.
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