Los Angeles is poised to be chosen by the US Olympic Committee (USOC) as the host city candidate for the 2024 Olympic Games. With a bid that estimates the cost of the Olympics to be $4.5 billion in total, a relatively low figure to put on an event of this magnitude, the USOC is most likely to submit Los Angeles as their candidate city by the deadline of September 15. They will face off against some tough competition in Paris, Rome, Budapest, Toronto, and Hamburg, according to Sports Illustrated.
Los Angeles is close to reaching agreement w/ U.S. Olympic Committee to be America’s candidate for 2024 Summer Games, mayor tells @latimes.
— SportsCenter (@SportsCenter) August 10, 2015
Boston had previously put in a bid to become the host city that looked like the most likely choice, but they dropped out of the running in July because of the financial risk of holding the Olympics and lack of public support. Los Angeles seems eager and ready for the event, according to Los Angeles Mayor Eric Garcetti, as reported in the Los Angeles Times.
“I think it is right for this city. I think it’s who we are. I think we benefit from it economically, socially.”
The Associated Press reports that the money to fund the Los Angeles 2024 Olympics would come from broadcasting revenue, ticket sales, and sponsorships through the Los Angeles Olympic Committee, with no money being expected to come from the City itself. Not only that, it is expected, with this bid, a profit may actually be made.
Another article in the Los Angeles Times says that Mayor Garcetti stated the bid comes out being $500 million less than Boston’s bid, and it can expect to run a $150 million surplus. However, other Olympic bidders have promised a balanced budget and failed. And, with other recent Olympic events costing anywhere from $14 billion to $51 billion, it is clear that costs can rise quicker than expected.
The US Olympic Committee had also approached San Francisco and Washington, D.C., about hosting, but Los Angeles looks like the most likely choice because it already has existing venues, which is what is helping to keep the costs down.
According to the Calgary Sun, the Los Angeles Memorial Coliseum would be the centerpiece of the Olympics, being one of the only venues in the U.S. that has a running track around its field, although it would be expanded. Many of the area’s most iconic sites would be incorporated into the event, such as the Rose Bowl, Rodeo Drive, and the Hollywood sign. The city has previously hosted the games in 1932 and 1984.
The International Olympic Committee will make its official decision as to who will host the 2024 Games in 2017, with millions of fingers being crossed that Los Angeles will be the successful bidder.
[Photo from Pixabay]