If they wanted to save even more money they could pick one city that would work for both the summer and winter olympic games. Maybe McMurdo, Antarctica.
Or split events between different countries.
You don’t have to be in a Cold location to hold Figure Skating and Hockey Events, just have an arena, you could have it in Miami if you want.
when Athens held the games in ‘04 the stands were 90%...
http://edition.cnn.com/2004/SPORT/08/16/athens.seats/