This paper presents a conceptual account of the development of Russian urban space by analyzing the planning and execution of international mega-events. As place-rivalry among cities and countries under neoliberal capitalism becomes more pronounced, they pursue tighter incorporation into international markets via national developmental models. By reviewing links between modernity, capitalism, and spatiality outlined by scholars in recent decades, the author investigates how mega-events facilitate the accumulation of capital and how this is used in urban policies. With the help of capitalist boosterism rhetoric, during the 2014 Winter Olympics the Russian central, regional, and urban governments developed and exploited both the populist potential and the rent-seeking opportunities that mega-events possess. With the Winter Games in Sochi now behind, the author outlines a number of key issues that have shaped the urban development of the country and will leave a lasting legacy for a future generation to deal with. The author also summarizes larger lessons learned over the implementations of mega-events in the country.