I think that the costs for the city to host the Olympics worth the benefits. If we look at the cost it gets recovered from the tourist coming to see the Olympics. And to support an international event really shows concern to other countries and the rest of the world.
Hosting an Olympic game will always cost millions or even billions of dollars. Though there are people supporting it by saying that the city-construction and local economy will be benefited, the statistics have proven their hypotheses to be wrong. Hosting Olympic simply FASTENS the city-construction that was originally supposed to be done. And it's not beneficial for the local businesses either, for example during the 2012 London Olympic game, the report shows that the hotels in London actually had a decrease in occupancy rate because a lot of tourists avoid to visit London during that period of time. Since they they predicted that there will be a short term inflation/price-raise within that area/city. Meanwhile, there's also no obvious benefits as outcomes of the 2008 Beijing Olympics, as the report shows. Not far in the past, the high costs (50 billions US dollars) of the 2014 Sochi Olympics made it become a worldwide argument, arguing on the worth of it. The Russian governments began to face serious query on the corruptions, low-quality and disorganized use of the money etc. At the same time, this Winter Olympic also brought the problem of LGBT groups into the global field of view and the Russian government was denounced by a lot of MEDCs again due to the Anti-gay laws. Though these 2 events seems to be not associated at all, we cannot avoid the truth that it was actually the Sochi Olympic who exposed this problem to the rest of the world. Therefore, what we've seen is that, Olympics cost billions of dollars without benefiting the local or national economy, meanwhile it also brings local problems to a worldwide scale.
Cities which host the Olympics gain in the short run from international exposure to their fair town and pride in being chosen for this honor. Real estate values may go up, and businesses make a short term gain in revenues. Afterward, the city is faced with massive bills or at best breaks even, and is stuck with buildings for which they have little or no use. When faced with the question of whether or not to sponsor the Olympic Games, they need to ask themselves whether it is worth it.