Carlos Arthur Nuzman, president of the Brazilian Olympic Committee, said that 56 per cent of the planned facilities already existed. He said the budget on sporting venues was initially $508 million.
Rio is bidding for the 2016 Games, despite Brazil hosting the 2014 World Cup, with Rio almost certain to be among the World Cup venues.
The 2016 plans, unveiled by bid officials, are more modest than Rio’s previous bids for the Olympics in 2004 and 2012 (in which the city failed to make the shortlist each time).
The 2016 bid makes use of the Pan-American Games facilities including the Joao Havelange stadium for athletics events, which would be enlarged.
Plans also include the demolition of the city's Jacarepagua racetrack, once used for Formula One, to make way for an Olympic park which would be the base for a number of venues.
Chicago, Madrid, Tokyo, Doha and Baku are also bidding for the Games.
