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Morning News

Sydney Organizers Admit Olympic Games Will Lose Money

Aired September 19, 2000 - 10:21 a.m. ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

BILL HEMMER, CNN ANCHOR: Australia's athletes have already won six gold medals in the Olympics, but the 2000 games in Sydney are in the red.

Martin Savidge is in Sydney with more now.

(BEGIN VIDEOTAPE)

MARTIN SAVIDGE, CNN CORRESPONDENT (voice-over): Olympic glory may be priceless, but the Olympic games are not. The total projected price tag for the 2000 games in Sydney is nearly $1.5 billion U.S., and Sydney organizers are now admitting the games will lose money.

MILTON COCKBURN, SOCOG SPOKESMAN: Although we've kept a very tight control on expenditure over the last three years, our expenditures now are expected to exceed revenue by about $100 million.

SAVIDGE: That's about $56 million U.S. The cost of the games is split between construction of Olympic facilities and the actual running of the event. Among the big-ticket items: $358 million for the Olympic stadium; $112 million for the Superdome sports and entertainment complex.

Though the financial shortfall is not considered major, some say it could have been if not for higher-than-expected broadcast revenues and a strong economy, which fed tax coffers.

MAX WALSH, JOURNALIST: From the very outset, of course, the politicians lied about the cost of the Olympics. They did so on both sides of politics here.

SAVIDGE: The people of Sydney have reason to be suspect of government cost projections. The landmark Sydney Opera House was projected to be built in just four years. Instead, it took 14 years and cost nearly 14 times original estimates.

WALSH: The public would never have agreed to build the Opera House had they known the final cost. The Olympics were much the same, except that they're a lot closer. The dishonesty was not on the same degree.

SAVIDGE: But Sydney Olympic officials point out the country's worldwide exposure will bolster tourism now and in the future, and the Olympic facilities will continue to provide benefits long after the Olympic flame is extinguished.

COCKBURN: They'll obviously be in use for the New South Wales people, people in New South Wales and, indeed, the people of Australia for the next 30 years or so.

SAVIDGE (on camera): Almost all agree the games will be good for Australia. But with Olympic officials only recently projecting a loss after years of maintaining they'd break even, some are left wondering, when it comes to Olympic finances, if the games didn't begin long ago.

Martin Savidge, CNN, Sydney.

(END VIDEOTAPE)

HEMMER: And for more information, complete update information -- no delay here -- CNNSI.com, complete coverage right there for you as always.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com

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