SEOUL — The 1988 Summer Olympic Games in Seoul made a record profit of $479 million, more than double that of the 1984 Los Angeles Olympics, organizers said today.
The figure was about $125 million more than estimates announced by organizers right after the Summer Games ended.
The Seoul Olympic Organizing Committee disclosed the figure in a final report today, preceding its disbandment next week.
The $497-million profit for the Seoul Olympics, the largest Games in Olympic history, eclipsed the record $223-million profit posted for the Los Angeles Olympics.
Seoul's final tally put revenues at $987.5 million, with expenditures of $847.7 million, yielding a book profit of $139.8 million.
But in line with international practice, the official balance sheet did not include cash contributions from individuals and social and business groups, which amounted to in excess of $300 million, committee officials said.
However, observers doubted that the Seoul Games actually generated a profit for South Korea because the balance sheet does not include an estimated $1.5 billion the South Korean government spent on building or expanding stadiums, roads, subways and other facilities. Government officials say a number of the major projects were already planned under a long-term city development program before Seoul was awarded the 1988 Summer Games.