Sure olympics is a major event. But its a fact that the event is usually a loss making investment for the hosts.

>Every single Olympics since 1960 has gone over budget.

Source

Most sports are barely watched by people at the venues, so increased tourism is in itself a hoax. Tracks & infra development cant be used later turning into NPA eventually. Sports like cricket, rugby can actually bring the viewership. Adding more water sports is just going to increase the irrelevant costs with low returns. There's always debate around wrestling, boxing, which brings large viewership from asian countries.

And for anyone representing in a sport, the highest aspiration isn't the event, its winning for the team/country.