I'm not a firm believer in the games, but I AM a firm believer in local investment. It costs short-term, but always (unless poorly managed) bears out in the longterm.
I too am a believer in local investment. However, the key phrase you used is "unless poorly managed". I see little evidence that Olympic committees/governments are getting better at managing that investment - in fact, it seems that the complexities of the modern
world are conspiring against what little chance of success they have.