Los Angeles Projects $161M Surplus For Olympics
LOS ANGELES (AP) — Anxiety over taxpayer costs helped cripple Boston's 2024 Olympic bid, but organizers in potential stand-in Los Angeles disclosed a budget Tuesday that shows the city holding a $161 million surplus after staging events from Santa Monica beaches to the Hollywood Hills.
Los Angeles, which hosted the 1932 and 1984 Olympics, is viewed as the likely replacement for Boston's failed bid because the city's many existing venues would help keep costs low.
The Los Angeles plan projects spending $4.1 billion; Boston's operating budget was about $4.6 billion, but billions more could have been needed for construction, security and other costs.
"In Los Angeles, the spotlight is always on. We have the resources, experience and secure environment to share the biggest events with the world," the proposal states.
The figures give the most detailed look to date on estimated expenses to run the 2024 Games. The bulk of the funding would come from broadcast revenue, sponsorships and ticket sales.
The Los Angeles Memorial Coliseum would get an $800 million makeover focused on seating upgrades and premium amenities. The University of Southern California, which plays its football games at the Coliseum, would invest $500 million for the renovation, the plan states.
The release of the cost estimate came about a month after the U.S. Olympic Committee cut talks with Boston, which was initially selected as the U.S. contender for the games. A sticking point in Boston was possible cost overruns that would be picked up by taxpayers.
The USOC faces a Sept. 15 International Olympic Committee deadline to enter a bid.
The Los Angeles proposal envisions events taking place across the region, from gymnastics at the downtown Staples Center to volleyball on Santa Monica Beach.
(© Copyright 2015 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
