Some interesting info from Wikipedia:
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Host city legacy
According to the IOC, the host city is responsible for, "...establishing functions and services for all aspects of the Games, such as sports planning, venues, finance, technology, accommodation, catering, media services etc., as well as operations during the Games."[97] Due to the cost of hosting an Olympic Games, most host cities never realise a profit on their investment.[98] For example the 1998 Winter Olympics in Nagano, Japan, cost $12.5 billion. By comparison the Torino Games of 2006 cost $3.6 billion to host.[99] The organisers claimed that the cost of extending the bullet train service from Tokyo to Nagano was responsible for the large price tag.[99] The organising committee hoped that the exposure of the Olympic Games, and the expedited access to Nagano from Tokyo, would be a boon to the local economy for years afterward. Nagano's economy did experience a two-year post-Olympic spurt, but the long term effects have not materialised as planned.[99] The possibility of heavy debt, coupled with unused sports venues and infrastructure that saddle the local community with upkeep costs and no practical post-Olympic value, is a deterrent to prospective host cities.[100]
To mitigate these concerns the IOC has enacted several initiatives. First it has agreed to fund part of the host city's budget for staging the Games.[101] Secondly, the IOC limits the qualifying host countries to those that have the resources and infrastructure to successfully host an Olympic Games without negatively impacting the region or nation. This eliminates a large portion of the developing world.[102] Finally, cities bidding to host the Games are required to add a "legacy plan" to their proposal. This requires prospective host cities and the IOC, to plan with a view to the long-term economic and environmental impact that hosting the Olympics will have on the region.[103]
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http://en.wikipedia.org/wiki/Winter_Olympic_Games
