Past Olympic Venues—Rotting, Renovated, Repurposed

Then: Beijing Water Cube

During the 2008 Beijing Olympics, U.S. swimmer Michael Phelps amassed eight gold medals in the Water Cube (pictured).

The aquatic facility cost more than a hundred million U.S. dollars and won a host of architectural and engineering awards. It was also one of the world's largest competitive swimming centers, with seating for 17,000 people.

Now: Beijing Water Cube

Today the Water Cube—known for its innovative design and "bubble wrap" skin—is home to the largest indoor water park in Asia, featuring slides, wave pools, a lazy river, and other amusements.

It's not clear that such uses could ever make the balance sheets even out, Zimbalist said, but in China's case that might not have been the organizers' primary concern.

Then: Athens Olympic Stadium

Perhaps no Olympic venue has a richer or longer history than Athens's Panathinaiko, pictured in 1896 during the opening ceremony of the first modern Olympic Games.

Originally built in 330 B.C., the stadium—whose track has classic hairpin turns—featured many ancient athletic competitions.

Evangelis Zappas, who spearheaded the first Olympic revival of ancient Greek athletic contests, excavated the site in the late 1800s.

Wealthy businessperson Georgios Averoff paid for the Panathinaiko's restoration in white marble just in time to host the 1896 Olympics.

Now: Athens Olympic Stadium

The Olympic rings cast a shadow toward archery competitors in 2004, when Athens's Panathinaiko Stadium once again welcomed the world.

Despite Greece's financial problems, this ancient Olympic venue may be built to last.