If the cost is anything like Sochi ($51 billion US), no conceivable economic benefit can repay it.
As for deficit financing: That's all very well (except that it isn't, and I, too, can make that exponentially more complex), as long as you are a national government that can issue its own currency. Alberta isn't. Our provincial debt has to be serviced out of tax revenues, and the bigger it gets, the more revenue it uses up. Don't be fooled by the present super-discounted interest rates into thinking that those debt-service charges will always be cheap.
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