Why not run an Olympics with the INFRASTRUCTURE you all ready have?
Who cares if the Croatia v Bolivia Woman’s Basketball match up is in a HIGH SCHOOL GYM?
And there’s nothing wrong with having different events spread out across the globe. Have basketball in one country, track and field in another. Have the countries bid on individual events instead.
That’s how it was during the 1979 Pan-American Games in Puerto Rico. We used existing facilities, including school gyms. The athletes were housed in an unused and refurbished public housing project.