There is a certain feeling of prestige that comes with hosting the Olympic Games; having your city featured on worldwide television for more than two weeks is something that does not happen every day. But as the Olympics become increasingly expensive to host, due to the wide ranging investments necessary from the host cities, the Games look a lot less attractive when the numbers are crunched than they do on the surface. With talks of whether Denver should pursue a bid for the 2026 Winter Games already brewing, the answer should be a definite no.

In one sentence, hosting the Olympics has become far too costly. The games being held in Sochi right now cost an estimated $50 billion to host, while the Summer Games in Beijing in 2008 cost only a few billion less.

While it is true the Winter Games in Vancouver (2010) and Summer Games in London (2012) cost far less at an estimated $6 billion and $14 billion, respectively, numbers of that magnitude are simply incomprehensible to spend. Recent history has shown us that financial losses have become more common than successes when it comes to hosting the Olympics.

The costly process begins with a lengthy and competitive application process and, if chosen, includes massive investments in transportation infrastructure, accommodations, security and venues for the many events. Even in an ideal scenario, the hosting city would just about break even. Denver should spare itself and its taxpayers from the costly overruns and liabilities that may have to be dealt with long after the Games have come and gone.

Just to get a flavor of the costliness, the bidding process alone usually spends tens of millions to first compete in the national competition and then in the international contest. Chicago spent an estimated $100 million only to lose the 2016 Games to Rio de Janiero a few years ago. If selected, the venues cost hundreds of millions to build, occupy valuable urban real estate, and cost millions of taxpayers’ money each year to maintain.

Denver has made the choice to turn down the Olympic Games before, a true rarity in Olympic history. The city beat out Switzerland, Finland and Canada to host the 1976 Winter Games, with venues planned for Denver, Vail and Steamboat, among others. Plans also called for building a new resort named Beaver Creek for the downhill alpine events.

But politicians and residents got concerned about the taxpayer liabilities in hosting the Games, and opposition grew to the point where, in 1972, voters struck down the measure to provide funding for the Games while the world watched in disbelief.

As hard as it is to turn down something that has such an amazing connotation to it, Denver made the right choice back in 1972 and should not decide to pursue another bid in the future. Doing so would quite simply be seeking a short-term gain in exchange for a long-term loss. Colorado is a great state and Denver is an amazing city, but people do not have to visit for the Olympics on our dime to know that.