LA to host 2028 Olympics

Chris0nllyn

Chris0nllyn

Well-Known Member
L.A.’s bid committee has estimated it would cost $5.3 billion to stage the Games and has predicted it can cover all expenses through revenues such as sponsorships and ticket sales.
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How much of a bargain? Brazil claims they spent $13 billion to stage the Rio Olympics last year, split between private and public funds. Outside analysts put the total closer to $20 billion.
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Russia reportedly poured over $50 billion into the Sochi winter Olympics in 2014
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http://hotair.com/archives/2017/08/01/olympic-three-peat-los-angeles-gets-rings-2028/


Horrible idea.
 
Clem72

Clem72

Well-Known Member
vraiblonde said:
Why?
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Most places lose a #### ton of money on the Olympics, and it doesn't end up providing the boost to economy that they expect from tourism or even just the international exposure.

But this issue is more of a problem for countries/cities without the proper infrastructure. I don't expect LA will have any issues housing, transporting, or feeding the tourists. They already have top of the line facilities that can be used for many of the events, and what needs to be built will likely have lots of potential for partnership/reuse (so no rotting stadiums or unused tenement buildings). Investors might be more willing to partner on a new basketball stadium in LA than they would be in Sochi, they don't need to buy $10M worth of chlorine/filters/pumps to clean the water rowing/swimming, they don't need to import sand from half way around the world for volleyball (I believe it's sourced from Canada), etc. etc. etc.

If anyone can turn a profit on the Olympics its LA. But even so, it's a risk.
 
Chris0nllyn

Chris0nllyn

Well-Known Member
vraiblonde said:
Why?
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I don't believe it's good for taxpayers. Hell, it took Montreal 30 years to pay off their debt from the 1976 games, and we know these Olympic parks end in ruins anyway as they typically aren't used in any meaningful way after the games.

The host city and IOC (International Olympic Committee) split profits, with the IOC gets 70% of TV revenue alone. The city claims it'll be $5 billion construction costs. So, once IOC cuts are factored in, LA is $2 billion in the hole, right off the bat. But that $5 billion estimate is likely WAY low given the fact that, it's government, and the fact that the Oylimpic games in Beijing cost $40 billion, London was $20 billion, and as pointed out in the OP, Sochi was $50 billion, and Rio $20 billion.

Sure, LA wasn't swamped in debt after their hosting of the 1984 games, and by some accounts, actually made money. But that was 1984 and no other city has been able to turn a profit hosting the Olympic games.

Hosting the Olympics is like building a sports stadium. Taxpayers foot the bill for "non profit" companies with millionaire/billionaire owners to build these stadiums while the state (CA) is bleeding money in pensions.

[video=youtube;h1LDjTgMEGU]https://www.youtube.com/watch?v=h1LDjTgMEGU[/video]
 
Rommey

Rommey

Well-Known Member
I think the financial situation is different for LA in 2028 than it was for previous cities:
But the bigger story is a complete shift in the Olympic paradigm. For the first time in the modern era, the script has been reversed. Rather than cities taking desperate measures to win over IOC members for their votes, the money this time is flowing the other way. As part of its agreement with Los Angeles, the IOC agreed to increase the amount of revenue it will share to help offset the additional cost and risk that comes with waiting four additional years. It is also waving some $50 million in fees.

Why is this important? Well, you first have to understand how Olympic funding usually works. Since 1984, the last time Los Angeles hosted the Summer Games, the IOC has sold television rights and international sponsorships on its own. It then cuts a check to the host city for a predetermined amount to help cover the cost of the event. That amount is set to be $1.7 billion in 2024 (it was $1.5 billion for Rio last summer). From there, cities rely on domestic sponsorships ($1.2 billion in London in 2012) and ticket sales ($1.1 billion in London) to cover the remaining expenses. The caveat: That amount is rarely enough to cover all the bills.

But, for 2028, the IOC has agreed the amount could be as much as $2 billion. Of perhaps even greater importance: The IOC has agreed to not take its 20 percent share of any surplus that is left after the Games, allowing the L.A. organizing committee to sell domestic sponsorships in any area where the IOC doesn't already have a sponsor. Those concessions could potentially be worth hundreds of millions of dollars.
LINK
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LA is also going to use a lot of existing facilities (such as the LA Coliseum) and make use of temporary facilities, saving millions in construction and infrastructure costs.
 
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vraiblonde

vraiblonde

Board Mommy
PREMO Member
Patron
I would have said it's a horrible idea because LA is a crime infested #### hole and there's a high probability that gangs and protesters and other assorted thugs will make a problem. If I wanted to showcase my country, I wouldn't put the spotlight on LA.
 
Hijinx

Hijinx

Well-Known Member
vraiblonde said:
I would have said it's a horrible idea because LA is a crime infested #### hole and there's a high probability that gangs and protesters and other assorted thugs will make a problem. If I wanted to showcase my country, I wouldn't put the spotlight on LA.
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But think of all the jobs it will make for the illegals.
 
Clem72

Clem72

Well-Known Member
vraiblonde said:
I would have said it's a horrible idea because LA is a crime infested #### hole and there's a high probability that gangs and protesters and other assorted thugs will make a problem. If I wanted to showcase my country, I wouldn't put the spotlight on LA.
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I'm okay with that. People were willing to travel to Rio for that #### show, they could have the opening ceremony be a parade down MLK JR boulevard in Compton and it would still be safer.
 
GURPS

GURPS

INGSOC
PREMO Member
vraiblonde said:
...... there's a high probability that gangs and protesters and other assorted thugs will make a problem.
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BLM will probably protest all day every day ofc we are talking 11 yrs from now


I'll be they go bankrupt trying to build the new Olympic complexes
 
Clem72

Clem72

Well-Known Member
GURPS said:
I'll be they go bankrupt trying to build the new Olympic complexes
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What new complexes. LA already has:

Stadiums:

Dodger Stadium
Staples Center
LA Coliseum
The Rose Bowl
The Hollywood Bowl
Pauley Pavilion
Stub Hub Center
Drake Stadium
UCLA/USC/etc.
etc. etc. etc.

Conference Centers (for gymnastics, indoor activities):
LA Convention Center
The Olympic Center (you know, from last time)
UCLA Convention Center
Howard Johnson Center

And of course there are dozens of fields (possibly hundreds) suitable for track and field events. Most easily done at a state university like UCLA, USC, CSULA, CSUN.

As for places for tourists to stay, the LA tourism website says that within the city limits alone (not the greater LA area) there are more than 1000 hotels, with more than 100k rooms. Figure in the larger metro area, motels, camp grounds, AirBnB, etc. and you may have one of the largest capacities to house tourists in the world.

And remember, for Sochi and Rio they had people traveling 50+ miles outside of the Olympic center for some events. You know how many facilities are within 50 miles of LA?
 
Rommey

Rommey

Well-Known Member
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