500 days out, Rio risks Olympics cost surge as building lags

A view of the construction site of the Rio 2016 Olympic Aquatic sports venue at the Rio 2016 Olympic Park in Rio de Janeiro May 7, 2015. REUTERS/Sergio Moraes

RIO DE JANEIRO (Reuters) - With less than 500 days until Rio de Janeiro hosts the Olympic Games, construction of several venues has not started and some major contracts have not even been tendered, setting the stage for a last-minute rush that will likely drive up costs.

It may seem like a familiar script for major sporting events. As the start date nears, the headlines invariably focus on delays and the scramble to get ready on time, and yet the games end up going ahead without major hitches.