The 2020 Tokyo Olympics will cost between $15 billion and $16.8 billion, according to a new estimate released by organizers Wednesday.
That price tag represents something of a reduction amid fears among some that the budget could swell to $30 billion. Still, the current amount is substantially larger than originally projected.
Organizing committee officials promised to continue scrutinizing costs, saying in a statement that they would "work toward optimizing even further the budgets."
The latest estimate comes at a time when a private Los Angeles committee is entering the final phase of bidding for the 2024 Summer Olympics.
LA 2024 leaders released their own updated budget this month, estimating that they can stage the Games for $5.3 billion and cover all costs with a $1.3 billion contribution from the International Olympic Committee and additional billions in revenues from sources including domestic sponsorships and ticket sales.
Los Angeles has based its proposal on the use of existing sports venues _ such as the Coliseum, Staples Center and the Rams stadium now under construction _ in an effort to contain expenses.
Bid leaders are also counting on public transportation improvements already in the works throughout the region.
Tokyo, by comparison, is working off a proposal that includes significant new construction.
Officials in the Japanese capital said they expect to spend $5.5 billion to build venues and other required infrastructure, a figure that outpaces the $4.7 billion in estimated operational expenses. Much debate has surrounded an Olympic stadium that currently figures to cost $1.5 billion.
Between $1 billion and $2.8 billion will be retained as a contingency to cover potential cost overruns in Tokyo that have plagued recent Games. Los Angeles has proposed setting aside $491.9 million.
In the wake of the 2014 Sochi Olympics, where operational and related expenses reportedly swelled past $50 billion, some IOC officials have expressed concerns about Tokyo's budget.
The IOC has sought to curb spending by host cities through a reform package called Olympic Agenda 2020, but saw numerous potential candidates drop out of the running for the 2022 and 2024 Games over economic concerns.
Los Angeles became the official U.S. bidder for 2024 after Boston withdrew.
Paris and Budapest are the only other cities still in contention, with the IOC scheduled to make its selection in September.
