The cost to put on the Winter Olympics in Russia is going to be at least $50 billion, and could be even more.

Russian officials say they have spared no expense to build state-of-the-art facilities and infrastructure for the Sochi Games, though critics say up to a third of the money spent may have gone to bribes, theft and waste.

In 2007, Russian President Vladimir Putin estimated his country would spend no more than $12 billion total on the Games.

Now, the operating budget for the 17 days of competition will be about $2.2 billion by itself.

This news comes amid new security threats to the Games. 

The Winter Olympics are being threatened by an Islamic militant group in Russia's North Caucasus.

The State Department is warning Americans at the games to be vigilant. CBS news Contributor Michael Morell is a former Deputy Director of the CIA and he says these threats should be taken seriously.

"You've got a couple things that are worrying. One, you've got Sochi very near the part of Russia where extremists have spent a lot of time. Two, you have those extremists conducting successful attacks in the last couple of months. Three, you have them saying that they are going to attack the Olympics," Morell said. 

The Winter Olympics start February 6th in Sochi, Russia.