The International Olympic Committee announced Saturday (Sept. 7) that Tokyo, Japan has been chosen to host the 2020 Summer Olympic Games, beating out Madrid and Istanbul in the final vote. None of the three cities held a majority after the final vote, but Tokyo and Istanbul had the most, so they were in a two-way run off. Tokyo won the final bid 60 to 36.
By the time Tokyo hosts in seven years, it will have been 56 years since its last Summer Games, the previous hosting held in 1964.
Ed Hula, editor and founder of aroundtherings.com, which covers the business end of the Olympic Games, reports that Japan has already saved nearly $5 billion to fund the games, plus there is a $1 billion national stadium that will be used that will already have been built for the 2017 rugby World Cup.
Looking ahead, the 2014 Winter Games are in Sochi, Russia; the 2016 Summer Games are in Rio de Janiero, Brazil and the 2018 Winter Games are in Pyeongchang, South Korea.