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Olympics: Pyeongchang denies $520 million funding demand

The initial budget for the Winter Olympics in the South Korean ski resort of Pyeongchang was around 2.2 trillion won ($1.9 billion) but the cost is believed to have increased substantially, especially where infrastructure projects are concernedThe South Korean organisers of the 2018 Winter Olympics said Thursday they were adjusting the event budget, but denied a report that they had already requested an additional $520 million in government funding. The initial budget for the event in the South Korean ski resort of Pyeongchang was around 2.2 trillion won ($1.9 billion) but the cost is believed to have increased substantially, especially where infrastructure projects are concerned. Pyeongchang Organising Committee (POC) spokeswoman You Jihyun said a revised budget was being prepared to reflect cost changes from the original budget which she noted was based on the host site’s 2011 bid.

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