There is a fantastic pair of episodes of Citations Needed on exactly this topic. They cover the Olympics, HQ2, and sports stadiums. And you're right: city after city gives the whole farm away for these big ticket things that never really pay out, and cities can't deficit spend the way a country can to eat the loss.

CN 19 https://www.stitcher.com/podcast/citations-needed/e/52555894

CN 20 https://www.stitcher.com/podcast/citations-needed/e/52636015