David Cameron hailed the London 2012 legacy as ministers gathered at the Olympic Park 200 days before the Games' opening ceremony.
The Prime Minister called a Cabinet meeting at the site in Stratford, east London, and urged ministers to fully exploit the opportunities the summer showpiece and the Queen's Diamond Jubilee will offer.
Opening the meeting, the Prime Minister said: "A very warm welcome everyone to the Olympic Park, and a happy new year. This is the first Cabinet meeting of the new year and it is appropriate we are having it here."
Mr Cameron said six of the eight main venues had already secured their legacies, adding: "Not only are they already up and running, but they already have a future, and we can be very proud of that."
Ministers travelled to the site on board a high-speed Olympic Javelin shuttle train from St Pancras station in central London. Their meeting took place at the 7,000-capacity handball arena, with tables erected on the court surrounded by multi-coloured seats.
The Cabinet meeting was the first for new Cabinet Secretary Sir Jeremy Heywood, who took up the post after Sir Gus O'Donnell retired last month.
Speaking to reporters at the aquatics centre, Mr Cameron praised the "beautiful, inspiring" pools. He added: "All credit to the people who have been involved in providing these venues, getting them done on time and on budget."
The Prime Minister said the Games would create "a massive legacy", encouraging people across Britain to take up sport and "do more exercise".
Mr Cameron, London Mayor Boris Johnson, Lord Coe and Culture Secretary Jeremy Hunt later toured the 17,500-capacity aquatics centre.
They chatted with diver Tom Daley about the 17-year-old's demanding training schedule, which takes up to six hours a day. The teenager revealed he enjoyed the early starts, saying: "It's great, I get to dive before everyone else. It's quite pressurised if you have to dive when everyone else is here as well."