The International Olympic Committee has awarded Tokyo the 2020 Olympic Summer Games. The committee made its decision after voting between Istanbul, Madrid and Tokyo on Saturday in Buenos Aires.
Tokyo’s bid of $5-6 billion was chosen over Istanbul’s $19 billion, the highest by far between final contenders, due to Japan being billed as safe and reliable choice in a world of political and economic uncertainty. The country has also already amassed $4.9 billion of Olympic funds needed to prepare for the games. The cost of Japan’s upcoming billion dollar national stadium, where the opening and closing ceremonies will be held, is not being considered an expense for the Olympics.
“Tokyo can be trusted to be the safe pair of hands and much more,” bid leader and IOC member Tsunekazu Takeda stated in his final presentation. “Our case today is simple. Vote for Tokyo and you vote for guaranteed delivery. … Tokyo is the right partner at the right time.”
This is not the first time Tokyo has hosted the Olympics. In 1964, Japan’s capital hosted the XVIII Summer Olympiad after losing the 1940 Olympic Games due to Japan’s invasion of China in 1937.
