The most recent estimate, however, put the cost at £9.3 billion. This extra money is going to come from a variety of sources, including £2.2 billion from the Lottery Fund.

The Lottery Fund has contributed to the success of a variety of causes, including the arts sector. The Millennium Centre in Cardiff, the Riverfront Theatre in Newport and the Galeri in Caernarfon are all largely gifts from the Lottery Fund to develop the arts in Wales.

But now, with the shortfall in Lottery money, the Arts Council of Wales is predicting a £8.8 million funding deficit over five years.

As in most cases it will be the smaller, community based projects which will bear the brunt of this shortfall.

What do you think? What will this mean for the arts sector in Wales? Is it fair to redirect funding from arts to sports? Or will the long-term outcome of the Games make up for all this spend?

Join Sarah Dickins and guests as they discuss the state of the arts in Wales. Wales@Work on Tuesday 5 June at 6.32pm on BBC Radio Wales, repeated Sunday 10 June at 7.03am.