Generate text that refutes this claim: Hosting is very expensive  Hosting is very expensive. In recent times the Olympics have never made a direct profit. The bidding process alone for 2012 will cost each bidding city around £20m and whichever is selected will expect to pay at least £6.5bn (Paris). With increased security fears Athens spent $1.5bn on security out of a total of $12bn on the 2004 games. The burden of this cost falls on government (and therefore the taxpayer), companies and individuals. Both Paris and London’s local governments have put aside around £2.4bn which will mean £20 per year extra in tax for every household in the cities. Big projects are notoriously hard to budget for (so much so that London is estimating the total cost may go up by up to 50%) and residents in Los Angeles have only just stopped paying for the over-budget 1984 Olympics through their local taxes. If cities want to regenerate or improve their infrastructure then they should use this money directly on those projects rather than wasting it on subsidising a sporting event.
y business finance government sport olympics house believes hosting olympics good
The economic benefit of the event is in its legacy. Regarding London specifically, a lot of the money will be spent on the regeneration of parts of East London that are currently underdeveloped. When the games are over the new facilities will still benefit the local communities and the prestige of hosting the games should bring new life and investment to the area. Furthermore, London's reputation as a tourist destination has taken a knock from the threat of terrorism since the underground bombings of 7/7. The games will be a way of bringing international attention back to the positive aspects of the UK's capital, bringing foreign visitors and their spending power back to Britain. London's population of 7.7m people is expected to be temporarily expanded by 12% during the Olympics alone1.  1 Grobel, W. (2010, April 15). What are the London 2012 Olympics 2012 worth? Retrieved May 13, 2011, from Intangible Business: