Interesting question. Quite a bit of resources, both financial and material, are devoted to the construction of the Olympic park and cities are often able to transform their infrastructure by hosting the Olympics. Post Olumpics however, the state of the art venues are often then used by Universities or professional sports teams. For example, both Georgia State University and Georgia Tech used part of the Olympic park for student housing post Olympics. In Munich, the Olympiapark is in part used by the community for recreational purposes. Athens has hosted the Olympics twice now in recent decades, and actually used the same infrastructure, so I guess that is always a possibility for other cities as well. But sadly, a portion of the infrastructure is also just simply destroyed and torn down, as were facilities in Moscow.
Here you can see some of the Olympic venues as they are seen from space.
Lunafish’s answer is a very good one, but I would like to add that it’s notoriously difficult to find a beneficial and economic use for former Olympic venues, and the history of such venues is checkered with a lot of sad stories. Olympic venues are kind of like the infrastructure for World’s Fairs: they’re exorbitantly expensive to build, they’re used for a short time, and then they usually spend the rest of their (often short) lives looking for a reason to continue existing. Largely because of this, World’s Fairs have mostly died out, but of course the Olympics as an institution isn’t going anywhere. An example is Calgary’s Saddledome, a colossal sports arena built for the 1988 Winter Olympics at a cost of $80 million. The arena was a wonderful and impressive place for Olympics action in 1988, but it’s failed to turn a profit since, and even its home NHL franchise, the Calgary Flames, have expressed a desire to move to another venue. In addition to the Moscow facilities that Lunafish mentions, a particularly sad example of a former Olympic venue is the Zetra Arena in Sarajevo, Bosnia, which hosted events during the 1984 Winter Olympics. The arena fell into disuse after the games, and then was severely bombed in 1992 during the Bosnian War. Its remains were used as a morgue for war casualties and wood from its seats was used in coffins for civilians killed in the war. Zetra Arena was reconstructed in 1999 but is now only a shadow of its former self.
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