Hosting the spectacle has cost many cities dearly in the past. Paris might be able to buck the trend by using existing facilities and low-cost temporary venues where possible.

Listen to this article 7 min Listen to this article 7 min Many of the world's best athletes are currently competing in the first Olympic Games to be held in Paris since 1924.

The French capital is buoyant with excitement and its local businesses filled with paying tourists from all over the world. Indeed, it's difficult not to be tempted into booking a weekend getaway to see the spectacle up close.

advertisementDon't want to see this? Remove adsBut is the Olympics really a good deal for host cities? The evidence suggests a resounding no. Host cities almost always blow their budget on the Games, having to invest heavily in specific sporting facilities, as well as accommodation and transportation for the influx of athletes and tourists.

The delayed Tokyo Games in 2021, for example, ended up costing an estimated $15.4-billion, exceeding the proposed budget by 244%. And it was a similar story four years before - the Rio Olympics cost 352% more than the initial proposal.

As part of the bidding process to stage the Games, potential host cities and governments are required to guarantee that they will cover these costly overruns. So, given the financial drain...