Voters in Switzerland have rejected a proposed bid to host the 2022 Winter Olympics at St. Moritz and Davos.

Bid organizers say the project is finished after residents in the Graubuenden state voted Sunday to oppose funding. Residents in both towns also held referendums Sunday, and "yes" votes were required in all three polls.

Bid officials call the outcome a "big disappointment." They failed to persuade residents that the project would invigorate tourism and the local economy.

Switzerland has not hosted the Olympics since the 1948 St. Moritz Winter Games.

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