5 Cities That Got F**ked By the Olympics - Hit & Run : Reason.com:
The mayor of Montreal insisted their games would be self-financed. "The Montreal Olympics can no more have a deficit, than a man can have a baby," Jean Drapeau said at the time.
It took Quebec taxpayers 30 years to pay off the $1.5 billion debt for the "Big Owe," as the the olympic stadium built in Montreal was derisively called.
The debt was paid off mostly with a special tax on tobacco.
Quebec then managed a province-wide ban on smoking in public spaces and workplaces just a few months before the debt was paid.
...As Vice noted last year, the Montreal games should have been a lesson for other cities interested in the Olympics.
Not likely. Paris and Los Angeles won't be the last suckers to go for the fool's gold."