Contrary to a common opinion, I believe the IOC should be given some credit when it come to the standards they have been setting for the olympic venues. They are very ok with temporary venues, they are ok with stadiums that seat only 4 or 5,000 spectators, they are not asking stands that seats thousands of VIPS on golden seats. They are even ok now with using facilities in another country, etc.
When you compare it with the other giga sporting event, namely the FIFA World Cup, it's really day and night.
There are not a lot left they can do in that regard to cut costs except dropping some sports only because they are requiring an extra venue which as far as I'm concerned is the last sensible reason why a sport should be dropped from the olympic program.