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Just as the Olympics occurring every two years is a sure thing, so is the fact that each new stadium construction project is seen as an opportunity to outdo everyone else. Beijing National Stadium, the centerpiece of this summer's 2008 Olympics, is packed with restaurants, bars and stores to service an estimated half a million spectators throughout the course of the games. Designed by famed Swiss architecture firm Herzog & de Meuron, the stadium has been nicknamed the "Bird's Nest" for its distinctive, sweeping exterior support structure.

But the stadium is on the lower end in terms of of cost, at a bargain-basement $500 million--not even enough to make our list of the ten most expensive stadiums in the world. And a higher price tag wouldn't necessarily be a good thing, either. While bigger budgets can create stadiums that attract attention and leave a lasting impression, they can also leave decades of debt.

Montreal's fiscally controversial stadium for the 1976 Olympics, for example, has been racking up interest payments for years, and was finally paid off only in 2006. The total price tag, adjusted for today's dollars, was $1.4 billion, with more than $900 million of that being interest. But that's still not enough to top our list of the most expensive stadiums in the world.

That title goes to London's new and improved Wembley Stadium, which opened in 2006 and cost a staggering $1.5 billion. However, the Brits are getting quality for their quid, unlike Montreal's stadium, which has been essentially unused since the Expos headed to Washington, D.C., to become the Nationals. Wembley already hosts the English national soccer team, and, last fall, it hosted England's first regular-season NFL game. In 2012, Wembley will also host the Olympic soccer tournament.

Behind the Numbers
Our list of the world's most expensive sports venues was generated by considering construction costs and major renovation projects since 1950. For stadiums built before 1950, only major renovations were considered, not ongoing maintenance and minor face-lifts (Soldier Field's complete overhaul was considered, for example, while Fenway Park's 2003 addition of seats atop the Green Monster was not). The total costs were calculated by adjusting for inflation, then converting to U.S. dollars where necessary.

While individual seats in a stadium can cost as much as $200 each to install, increased capacity is rarely the reason for exorbitant construction costs, even though the costs of concrete and steel have risen significantly in recent years, says Kevin Reichard, publisher of Arena Digest and Ballpark Digest.

"In the sports world, everyone tends to price things differently," says Reichard. "There's always a lot that goes into the final price tag of these venues"--from amenities to regulations to land acquisition.

America's most expensive venue, Madison Square Garden, is a perfect example. The arena itself is small, but included in the final cost of construction was Pennsylvania Station (beneath the arena), one of North America's busiest transportation hubs. Also on the list is Chicago's Soldier Field, due to its recent overhaul from historic football landmark to modern, super stadium, a project that wound up costing a whopping $714 million. The high cost mainly resulted from land acquisition and city regulations, Reichard says.

But what also boosts the cost is the fact that modern structures strive to offer as many amenities as possible. The new and improved Wembley Stadium has retractable roof panels (though they don't cover the field of play) and features more than a dozen restaurants.

U.S. Against the World
While no single American venue is expensive enough to be the king of sports excess, it'll only be a matter of time. Soon, two American stadiums will be vying for the top spot.

The new Yankee Stadium under construction in the Bronx in New York and the new Dallas Cowboys stadium will each cost over $1 billion and will offer unmatched features. The new Yankee Stadium will have 60 luxury suites, a martini bar and a steakhouse. The Cowboys' as-yet-unnamed future home will have 286 concessions stands, 1,600 toilets and the largest high-definition video screen in the world.

Features such as these are why a U.S. stadium might reclaim the top spot on the list sooner than later--American sports stadiums tend to be loaded with bells and whistles. Retractable roofs, 100,000 comfortable seats and a screen almost as big as the field itself are more or less standard features at American venues, but not elsewhere. European stadiums are rarely covered and, in lieu of individual seats, often use cheaper benches.

Nevertheless, Beijing's Bird's Nest is evidence that stadiums don't always have to cost the most to impress. Stadiums that just missed making the list, but still managed to leave their mark, are the Olympic Stadium in Athens, which underwent a $411 million overhaul before the 2004 summer games; Japan's Nissan Stadium, which cost $557 million to build in 1998 and hosted the World Cup final in 2002; and the massive Melbourne Cricket Ground, which cost $576 million.