Tokyo will host Olympic Games in 2020

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(CNN) —¬†Tokyo has been chosen by the International Olympic Committee to host the 2020 Summer Games.

During its vote Saturday in Buenos Aires, the committee made its choice over the two other contenders, Madrid and Istanbul.

Saturday’s International Olympic Committee vote in Buenos Aires eliminated Madrid — but only after a tiebreaker vote. Tokyo finished first in the day’s first round of voting, but Madrid and Istanbul received the same number of votes in second place. The committee then voted again to place Istanbul in the final runoff with Tokyo.

Tokyo’s bid comes in at $5 billion to $6 billion, but the city government has already amassed a $4.9 billion Olympic fund to pay to prepare for the Games, he said.

And a $1 billion national stadium that would be used for the athletic events and the opening ceremony will already have been built for the rugby World Cup in 2017 and is not considered an Olympic expense.

By Tom Watkins

David Simpson contributed to this report.

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