The bidding process for the 2022 Olympics was a disaster for the International Olympic Committee.
Democratic nations are no longer buying the argument that hosting the games is a wise investment. Every potential 2022 host city with a democratic government eventually pulled out of the bidding, many over economic concerns, leaving Beijing and Almaty, Kazakhstan, as the IOC's only two options.
Academics have been saying for years that hosting the Olympics doesn't make economic sense. The costs are typically larger than expected, the infrastructure needed for a big sporting event isn't the same as the infrastructure needed for daily life, and the economic benefits are typically overstated.
The latter point was addressed by Holy Cross professor Victor Matheson in a 2004 paper called "Economic Multipliers and Mega-Event Analysis."