Budget of $64 million? Where did all that money go?
Okay, I know that Stallone was paid around $16 million, but that still leaves $48 million, so where did the rest go?
It's mostly shot in wide open, empty desert landscapes which are some of the cheapest areas to shoot a movie in. Sure, there's lots of explosions but it's not expensive to blow some old military vehicles up. There are no elaborate set pieces and most of the action scenes just consist or Stallone mowing down hundreds of generic bad guys, again not expensive to shoot.
Putting Stallone's salary aside, if I was told that this was shot on a $2 million budget then I'd have no trouble believing it. The only difference between this and a $1 million B-movie shot in Namibia is better cinematography.
Furthermore, there are no "name" actors in supporting roles, unless you count Richard Crenna but I highly doubt he was high rent at the time.
So where did all that money go? Were there major production difficulties? $64 million is still a lot of money for a movie even today, and in 2012 I'd still expect an action movie with that kind of budget to look a LOT better than this.