Los Angeles Mayor Eric Garcetti, who was instrumental in securing the 2028 Summer Olympics for his city, even proclaimed, “We will make at least a billion dollars in 2028.”
washingtonpost.com/outlook/five-m…
washingtonpost.com/outlook/five-m…
In more subdued fashion, Los Angeles City Council President Herb Wesson called the bid “fiscally responsible” and the city’s pact with the IOC, making Los Angeles responsible for Olympic cost overruns, “too good to pass up.”
herbwesson.com/l-a-olympic-bi…
herbwesson.com/l-a-olympic-bi…
However, University of Oxford researchers analyzed Olympics between 1960 and 2020 and found that every single Games ran over its initial budget, with an average cost overrun of 172 percent in real terms, notably higher than other megaprojects.
A few things:
1) When #LA28 goes over budget, LA/CA residents will pay for ALL overages, not #LA28
2) There are tremendous resources (time, infrastructure, $, police) not included in operating budget
3) Even if LA28 "made money," it wouldn't be worth it for ~11M reasons
1) When #LA28 goes over budget, LA/CA residents will pay for ALL overages, not #LA28
2) There are tremendous resources (time, infrastructure, $, police) not included in operating budget
3) Even if LA28 "made money," it wouldn't be worth it for ~11M reasons
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