A Games operating budget of $2.83 billion (2034 values) has been established for the 2034 Olympic and Paralympic Winter Games by the Salt Lake City-Utah Committee for the Games (SLC-UT 2034). The budget was provided to the International Olympic Committee (IOC) as part of SLC-UT 2034’s response to the Future Host Questionnaire.
Salt Lake City-Utah is the IOC’s Preferred Host for the 2034 Winter Games. The IOC Executive Board is expected to review the report of its Future Host Commission from June 12-14 and decide whether to recommend that the full IOC Session make a final decision on July 24 in Paris.
“A cornerstone of our financial plan is that we will raise our entire Games operating budget from commercial and private sources, with no use of state or local taxpayer dollars,” said SLC-UT 2034 President and CEO Fraser Bullock.
“The Olympic and Paralympic Winter Games in 2034 will bring impactful benefits to our state,” said Utah Governor Spencer Cox. “It’s a very purposeful opportunity for us. From a societal perspective, it will help boost our communities through sport. And the Games will also bring notable economic impact through enhanced tax revenues and creation of jobs.”
The $2.83 billion Games operating budget is part of an overall $3.99 billion budget that includes revenue sharing with the U.S. Olympic & Paralympic Committee, sponsorship fulfillment, sales costs, and legacy funding.
One of the longstanding principles for SLC-UT 2034 has been its focus on legacy, to continue to support host communities through funding of venues and sport organizations and programs. The committee is targeting a $260 million legacy contribution to support Utah community sport programs.
“The legacy from the 2002 Winter Games was transformative in promoting sport across our state,” said Bullock. “Our initiative to return the Games to Utah is rooted in extending that living legacy that our communities enjoy today well into the future.”
Following the 2002 Games, the Utah Olympic Legacy Foundation and other community-based sports organizations have enhanced the positive impact of sport on youth and provided training venues for USA and international athletes. The Utah Sports Commission has boosted the growth of sport overall, supporting over 1,100 national and international events in Utah since 2002. The 2002 legacy has also provided an opportunity for SLC-UT 2034 to put forward a sustainable approach to hosting the Games, with no new venue construction planned.
Key revenue areas for SLC-UT to support the 2034 Games will be domestic sponsorship, as well as ticketing and hospitality. The IOC also makes a significant financial contribution to the success of the Games, along with a contribution of services and value-in-kind.
While the IOC oversees global partnerships and broadcast rights, SLC-UT sees a strong domestic sponsorship market coming on the heels of the Los Angeles 2028 Games, with a target of $1.80 billion. SLC-UT 2034 is looking at ticketing and hospitality as a key area with a projected $1.19 billion in revenue.
Bullock noted that the $2.83 billion planned budget for 2034 is very much in line with the 2002 Games actual costs of $2.84 billion, escalated to 2034 values. While there is an anticipated increase in events by 40%, the 2034 Games includes no new venue construction.
SLC-UT 2034 is in final preparation for an anticipated election in Paris in July. On May 28, it presented to the Winter Olympic Federations (WOF), the international sports federations that govern winter sports featured on the Olympic program. If put forward by the IOC Executive Board for possible election, it will also make one more virtual presentation to the IOC before heading to Paris for the 142nd IOC Session.