People in my area (northeast NJ) learned a real lesson a few years ago when we hosted the Super Bowl; the average person and business saw no benefit at all, just traffic and a stack of bills.
Nowadays some cities reject such events, even hosting potential sports teams, because they know they are just subsidizing them...
Eventually the Olympics will be spread out between several countries. It’s the only economically feasible approach. Cities no longer want to even bid on the Games because they realize it’s a losing proposition for one city to take it on.