Yeah, not true in the slightest. The Atlanta Games of 1996 recorded a profit of $10 Million:
http://fortune.com/2016/08/08/rio-olympics-opening-ceremony/
Also according to this chart (I know Wikipedia isn't always the most reliable but it's what I have at the moment) the following Summer Games made profits:
1988
1992
1996
2008
https://en.wikipedia.org/wiki/Cost_of_the_Olympic_Games
So no, the last one to not "bleed money" was not the 1984 Olympics. In fact, Seoul 1988 holds the record at $300,000,000 US in profits for a governmental organization hosting the Summer Olympics, $50 million more than the 1984 Games held in LA.
I guess you're not acquainted with cooking the books. Or how common specific practice infects everything the Olympics is a part of.
1988 Olympics: Seoul did not account for $1.5 billion in related infrastructure spending on the final report. They lost $1.1 billion when all economic factors were compared, and that's with very friendly massaging done to the books.
1992 Olympics: costs over-runs were record breaking, yet were conveniently wiped from the books to make it appear that they had turned a profit. Others claim that in the end, BCN really did see real economic gains from becoming the host city, and those gains are still paying dividends today- but so are the debts. I still don't see what financial voodoo they committed to convince the public that $10 billion in spending was offset by hosting the games. The Winter Games also lost a massive amount of money BEFORE $1.2 billion in infrastructure spending is factored.
1994 Olympics: Lillehammer "made money" yet required a billion dollar bail out.
1996 Olympics: A $10 million profit, when not accounting for $2 billion in federal spending. This was done with HEAVY book cooking.
1998 Olympics: So bad that they DESTROYED THE DOCUMENTS
2000 Olympics: Massive loss
2002 Olympics: $100 million profit, again eschewing billions infrastructure spending. Also not accounting for the (no doubt) $100 million in bribes, kickbacks and off the books contracts needed to secure the games. If it takes millions in bribes to construct an office building sometimes, imagine the bribery costs for the Olympics.
2004 Olympics: Gargantuan loss
2006 Olympics: Slight loss
2008 Olympics: They're claiming a 1% profit from the games.After all of the financial manipulation they worked into the numbers, they were able to squeeze out a profit to justify the costs to China's people. Just like China's phony rate of growth no doubt.
2010 Olympics: More cooked books, accurate estimates state that they might have been able to break even.
And of course since then it's been all downhill. I hope Japan bucks the trend.