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| The 2018 PyeongChang Winter Olympics was one of the most cost-effective in history. Yonhap |
By Lee Min-young
The 2018 PyeongChang Winter Olympics posted a surplus of 61.9 billion won ($55 million), Lee Hee-beom, former head of the organizing committee, said.
At an International Olympics Committee (IOC) session in Argentina, Tuesday (KST), Lee submitted a final report on the achievements and finances of the Games, held from Feb. 9 to 25 in the South Korean city.
"Thanks to support from the government and the IOC, donations and well-planned spending, the PyeongChang Olympics achieved a surplus of at least 61.9 billion won, brushing off initial concerns that the event would make a loss of 300 billion won," he said.
"It is a great honor to be a part of an Olympic Winter Games that will not only be remembered as an economic success, but also a historical event that brought South and North Koreas together and promoted world peace."
The organizing committee said it is in talks with the central and the local governments to set up a foundation to promote PyeongChang's success.
Twelve Games stadiums will continue to be used for sports events, while the rest are expected to be used for other purposes.
"The IOC congratulates the PyeongChang committee for successfully hosting the international event in all aspects," IOC President Thomas Bach said. "The IOC will donate its share of the surplus from the Winter Games to PyeongChang, in recognition of such great accomplishments and the development of Korean sports."
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