Unfortunately, this is not the entire view of the pretty picture. If looking from another angle, the Olympic bid might bring about some side-effects to a city.
First of all, the environmental impacts, including the increasing exhaust fumes of cars, more pressure on water resources, huge amount of wasted leaflets and other materials used for public activities, are most probably neglected. In order to broaden the streets, some trees may have to be cut. Near the construction site, the tiny dust may linger in the air for a long time. Reduction of farmland may be caused by the need of setting up new sports centre or accommodation facilities. These environmental consequences can be especially serious in a resource-limited and densely-populated city in a third-world country.
Besides, if talking about the economic benefit, it should not be forgotten that a quick boosting may lead to bubble growth, which may easily crash. If not well managed and organized, the big event may not be so profitable, and the new facilities may be forever empty after the games. Yes, there have been cases that host cities ended up with enormous debts.
Finally, let’s think about the low-income groups in the city. What will they get from the Olympics bidding? More tax, more fees, more expensive property prices, and higher cost of living. These definitely are not good news for them.
To bid or not to, this is a question. It is up to the choice of the municipal government, and the local public. After the decision, what they can do is to make the most of the benefit, and reduce the drawbacks to the least.