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Winter Olympics earns Russia $22 million

Staff writer ▼ | April 17, 2014
The Sochi Winter Olympics for the first time in decades brought profit to the host country, Russian Deputy Prime Minister Dmitry Kozak said.
Sochi Winter Olympics
Sochi Winter OlympicsThe Sochi Winter Olympics for the first time in decades brought profit to the host country, Russian Deputy Prime Minister Dmitry Kozak said.


"The surplus has been equal to 800 million rubles ($22 million). This is an impressive result," Mr. Kozak told reporters following a meeting in the Federation Council, or the parliament's upper house. He described the 22nd Winter Olympics as "the world's largest investment project".

The government and the Olympic steering committee have not yet decided how to use that money, Mr. Kozak said, stressing that they could be used only for the sports projects.

Mr. Kozak highlighted that maintenance of the existing Olympic infrastructure in Sochi would cost the Russian budget 4 billion rubles (111 million dollars) per year. To attract more investments into the city, the government eyes rendering Sochi a year-round resort, which will host up to 16 sports events a year, he said.

Among attractions to be built in that Black Sea resort, Mr. Kozak mentioned Disneyland and Formula One track. Besides, the government will auction 18 land plots in Sochi to reimburse the Games' expanses.


 

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