ELI5 Olympic Games - why most games are money losers?

Why are all the Olympic Games money losers except the famous Los Angeles event in 1984? What did LA do differently? How does funding for the Olympics work? Why doesn't the IOC just buy an island to host the Olympics there every 4 years? Do Olympic athletes have a McDonalds in the village?

... We explain like i'm five!

Thank you to the r/explainlikeimfive community and in particular the following users whose questions and comments formed the basis of this discussion: businessowl, supreme_101, ahawks, cromulentembiggener, wolfthawra, bryan_sensei and ceatsykoopa98

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