Tokyo Olympics could cost $30B

The price tag of the 2020 Tokyo Olympics could exceed $30 billion unless drastic cost-cutting measures are taken and several key venues are relocated, an expert panel warned Thursday in the latest blow to Japanese organizers.

The Olympic investigation team was launched by newly elected Tokyo Gov. Yuriko Koike after she raised concerns about growing cost estimates and the potential burden on the city and its taxpayers.

The panel said the ballooning costs reflect an absence of leadership, as well as a lack of governance and awareness of cost control.

The report, submitted to Koike on Thursday, reviewed three out of seven permanent venues that Tokyo is planning to build, and proposed using existing locations rather than new facilities that could end up being white elephants.

Preparations for Japan’s first Summer Olympics since Tokyo hosted the 1964 Games have been plagued by a series of scandals and problems.