Although the infrastructure development projects under PPP operation which can fill the funding gap as a result of increasing demand for infrastructure development and reduced public sector funding capacity have been practiced since the late 80s, the $560 million Bird’s Nest (National Stadium) is the first stadium project in China using this procurement method. This project is generally considered as a successful case by most of the practioners and experts despite the operation right transfer occurred in 2009. Compared to the use of PPP in other field such as transportation, power generation and waste management, development of sports facilities for mega sport event with this model has its own unique features, risks and opportunities. This research identifies and analyzes the risks and opportunities through case study of the Bird’s Nest project. A survey and several interviews are conducted to solicit expert opinions from experienced practitioners and experts. According to the analysis, government behavior related risks and project level risks are found to be two groups of risks which are quite different for major sports facilities projects and general PPP projects.