[AlphaSigOU]

If I remember correctly, the summer Olympics in Montreal in 1976 were also a money pit. Some events were not well-attended, many of the venues were unfinished (they were later completed after the games). The Olympic Stadium was supposed to have some kind of retractable cover supported by a large tower, but that was left off and finished well after the games.

Moscow in 1980 was also a money pit, though communist central planning carefully concealed the figures. Not to mention the US-led boycott.

One major reason why Olympic events are so sparsely attended: ticket prices are way too high for the average Joe Schmo (or whatever the Greek equivalent is) to afford. The Olympic organizing committee sets the prices, but paying well over $500 for the cheap seats at the opening ceremonies (the Salt Lake 2002 opening ceremonies tickets were close to $700 per person) is ridiculous. Certain marquee sports that are popular throughout the world (soccer, gymnastics, swimming, track and field) are always nearly sold out as you get closer to the finals.

And don't forget the lodging infrastructure... you gotta build enough lodging for the expected influx of tourists. Right now several cruise ships (that usually are not running during the summer) are docked in Piraeus doing double duty as floating hotels. The Russian delegation chartered one ship.