Los Angeles proposes $4.1 billion budget for 2024 Olympic bid

LA mayor Eric Garcetti decided to push for the bid after Boston, the initial US candidate, dropped out last month. The Boston bid committee also outlined a capital budget of $4 billion, to be financed by private developers. Already plans for a stadium costing $1.7 billion in Carson (close to Palos Verdes and Long Beach), where the Oakland Raiders, San Diego Chargers or St. Louis Rams – who have all expressed interest in moving to the city – could play.

The IOC is pushing for a cheaper Olympics after resentment over the costly Beijing and Sochi games, and LA may just be that less expensive option.

Several European cities, including Hamburg, Paris and Rome, are also seeking the games.

Szymanski also suggested that the IOC might be reluctant to bring the Olympics back to Los Angeles – and to the Coliseum – yet again, despite its new goal of producing more affordable games.

Whatever that means, it’s made the mayor very excited about the possibility that LA could potentially host the Olympics for a third time, and he says he thinks LA could do it and do it right: “I think we benefit from it economically, socially”.

National Olympic committees have until September 15 to submit their candidate city selection to the global Olympic Committee.

If cost overruns do happen, LA24 would need to cover it, with insurance paying for further costs, Millman said. Los Angeles was the site of the 1932 and 1984 Games.

Millman said the nonprofit will have a $400 million contingency fund and insurance, and cost overruns aren’t anticipated.

In the past decade, New York and Chicago won domestic races over the Bay Area and Los Angeles, then failed in bids for the 2012 and 2016 Olympics, respectively.

The summer Olympics were last held in the United States in 1996, when Atlanta was the host city.

Garcetti and Wasserman officially began talks earlier this month with USOC officials in a bid to replace Boston as the United States’ host city candidate, reports Xinhua.

Some residents here worry that the success of the 1984 Olympics, which remain by some estimates the most profitable games in Olympic history, will be tough to replicate. He told the Los Angeles Times that he “cannot eliminate risk”, but added, “On a one-to-five hot scale, one being the coldest, my personal assessment, for what it’s worth, is about a one”.

“My issue is how we’re going to pay for it”, said Humphreville, 68.