Unlike Boston, LA has no problem volunteering to cover cost overruns, although LA24 promises there won’t be any. Despite a total cost over more than $6 billion (with at least $1.7 billion covered by the private sector), Mayor Eric Garcetti has assured the city that the Olympics would make enough money through sponsorship, broadcasting deals, and ticket revenues to turn a profit. That’s pretty difficult for an Olympics to pull off and the city administrative officer and chief legislative analyst are skeptical—after LA24 released a bid book with its rough proposal last week, they put out a report saying they “cannot verify, validate or further explain” many of the numbers in the plan and specifically calling out some of the proposals as unfeasible.
The bid book calls for an Olympics spread across the city, with hubs in Downtown and Exposition Park, Hollywood, Santa Monica, the Valley, and the South Bay. The Olympic Village would be built by a private developer along the LA River, on a site known as Piggyback Yard (which owners Union Pacific have in the past been reluctant sell), and the Los Angeles Memorial Coliseum serving as the Olympic Stadium.
The deadline for submitting bid cities to the IOC is mid-September. Other bidders for 2024 include Paris, Rome, Hamburg, and Budapest.
· 7 Very Big-Deal Plans in Los Angeles’s New 2024 Olympics Bid [Curbed LA]
· City Analysts: Los Angeles’s Olympics Bid is Kinda Nonsense [Curbed LA]