Denver as a host city is being suggested by some industry experts.

In 1976, Denver was supposed to host the Winter Games, and voters rejected it. But many still think a Colorado Olympics would be a bad idea. They say not only is the bid a gamble, but the Olympics can cost tax payers too much while giving back to little.

In fact, London has spent $9 billion on a scaled down Olympics. So is it worth it to spend millions bidding, then billions hosting the games? The United States Olympic Committee is trying to make at least part of that equation more cost effective.

Either way, winning a host bid will mean a long wait. The last time the U.S hosted the Olympics was 2002. And it's believed 2022 would be our next shot. Denver looks to be a front runner.

"I think Denver would be a fantastic host of the winter games. I think there are other cities that would be great as well, but I'm a little partial because I live in Colorado," Scott Blackmun, CEO of United States Olympic Committee, said.

Economists say Olympic Games in North America typically make more money. They say the model in London for a smaller Olympics, with venues that can be scaled down in size, may help make the Games more inviting to cities in the future.

(KUSA-TV © 2011 Multimedia Holdings Corporation)