Not really bruv . There are many other western countries like Italy, Spain(which 2020 summer olympics bid was unsuccessful), Denmark. Sweden, Norway and even Portugal etc etc etc who are CAPABLE of hosting it(in fact almost western European countries are capable of hosting it). If even Greece hosted a successful olympics you can bet many other European countries are capable of hosting it.
However, the financial priorities of many of these countries is different nowadays. Since they need to focus on their budgets.
So your statement shouldnt have been: only the listed western countries are 'capable' of hosting the olympics, It should have been: Are they "beneficial" to this countries?
Even so I will say financially, almost never.lol
Some countries spend several times more money on the infrastructure and promotion than they ever recoup in game revenue.
But, most nations know that that isn't the point. It's about something more human, less clinical and precise: pride(yes funny but true), fame, joy and spirit. We aren't Vulcans after all. Life isn't just about (not to quote Maslow) the bottom of the pyramid (which, I know, he never created.lo). If the value of things were merely measured in how they prolonged life, saved life or built physical "things", then surely this life wouldn't be worth living.
Just having the games in one's host country is a great event and, in some cases, it does pay off in international recognition. Other times (Yes i'm looking at you, Greece) it costs so much that it's hard to imagine them ever having any positive impact.