Los Angeles 2028 Summer Olympics Win Brings Big Money And Big Risk

The Los Angeles 2028 Summer Olympics are already generating huge excitement, and the big event is still 11 years away. According to the Los Angeles Times, after a neck-in-neck race with Paris, France, to secure the 2024 Summer Olympics for Los Angeles, organizers were happy to settle for 2028 and a longer lead time.

It’s an unusual situation for the International Olympic Committee and the city of Los Angeles. No host city has ever had such a long preparation period from the time of signing the contract, for one thing. That alone will change how things happen as L.A. gears up for the 2028 games.

The idea of hosting the Summer Olympics has lost a lot of its glamour over the last few years too. Far from being seen as a brilliant win and potential tourist trap money maker, hosting the Summer Olympics has become a drain on public resources and a tough sell for many politicians hoping to gain some international attention.

Global News reminded readers that city councils interested in the 2024 Summer Olympics faded away quickly as the reality of the enormous “financial burden” of hosting the games sank in. There are always cost overruns and unexpected expenses, often made even worse by shaky economies that seem to change from boom to bust in the blink of an eye.

Brazil faced terrible budget-balancing problems after a slump in the economy led to unpaid bills and “last-minute cutbacks,” for instance.

However, Los Angeles Mayor Eric Garcetti is thrilled with the financial deals the L.A. organizers have made with the IOC. He says that the negotiations have given Los Angeles a chance to come out ahead, especially since the city is well-equipped with Olympic quality venues and existing residence space for the athletes.

The city plans to save billions of dollars by using the Staples Center, Pauley Pavilion, and the Coliseum for events, and they’ll house athletes in residences at UCLA and USC instead of the traditional newly built athletes’ village.

With the promise of several financial concessions, including an immediate, interest-free loan of $180 million from the IOC, Los Angeles Olympic committee members think that they’re on to something good for the next 11 years until the 2028 Summer Olympics open.

“I want something for the people of L.A. now,” said Garcetti. “I want the excitement to build.”

However, there are still some hurdles to overcome. The Los Angeles City Council only officially approved the 2024 Summer Olympics bid and will have to hold a special meeting to extend that approval to 2028 and a further four-year wait.

Previously contracted venues ready to gear up for 2024 will also have to reconsider their positions. The endlessly shifting economic outlook, concerns about climate change, rising temperatures, water scarcity, and simply the long wait will all come up as the complicated process of saying yes to the 2028 Summer Olympics gets underway.

Hosting in 2028 would make LA a three-time Olympic city, after hosting the 1932 and 1984 Olympic Games.

[Featured Image by Steve Powell/Getty Images]