Despite the fact they weren’t their country’s first choice, Los Angeles will bid for the 2024 Summer Olympics. The US Olympic Committee officially announced the city’s intent to host the Olympics on Tuesday afternoon, the last moment a bid could be submitted.
Los Angeles will now become the only North American city to battle for the Games facing Paris, Rome, Hamburg and Budapest. The winner will be announced in September 2017.
That Los Angeles is bidding for the Games is not a surprise. The city has been pushing for the Games for well over a year and was disappointed when the USOC first named Boston from a four-city battle with Los Angeles, Washington DC and San Francisco to be the US candidate. When public outcry over the potential cost of the Games forced Boston to abandon its bid, Los Angeles revived its proposal.
Now the city is making an aggressive drive to win the Olympics for a third time. Last weekend their organizing committee released a glossy video presentation highlighting its Latin and Asian populations, insisting their diversity makes them the ideal host. The Los Angeles bid book, released in late August, projects the Games to cost $4.6bn to host but believes the Olympics will generate a $161m profit for LA24, the non-profit running the Games.
Much of the $4.6bn will come from sponsorships, ticket sales and International Olympic Committee funds, LA24 said.
Earlier on Tuesday, Toronto dropped out of the Olympic race citing tepid support from Ontario leaders and lukewarm response from potential sponsors.
Los Angeles will need to rely on support from California leaders who might not favor dumping money in projects that will benefit one city in a state already strapped for money. Already city leaders have signaled they hope the state or federal government will pump money into two rail projects, speeding up their completion in time for the 2024 Games.
The previous L.A. Games in 1932 and 1984 were seen as transformative events in the city’s history. The 1932 Games, held during the Depression, turned a reported profit of $1m through ingenious maneuvers like building an Olympic Village of bungalows that could be re-sold after the Games. The 1984 Olympics made $200m primarily through corporate involvement.
These successes might give Los Angeles the confidence many other cities might not have that the Olympics can make be financially viable.
