With our free press under threat and federal funding for public media gone, your support matters more than ever. Help keep the LAist newsroom strong, become a monthly member or increase your support today during our fall member drive.
This archival content was written, edited, and published prior to LAist's acquisition by its current owner, Southern California Public Radio ("SCPR"). Content, such as language choice and subject matter, in archival articles therefore may not align with SCPR's current editorial standards. To learn more about those standards and why we make this distinction, please click here.
LA 2024 Committee Releases New $5.3 Billion Budget For Olympic Games

A recently released budget from the LA 2024 committee now puts the estimated costs of running the 2024 Summer Games in Los Angeles at $5.3 billion. While the figure does seem high, it is relatively paltry compared to previous Olympic Games, and the forthcoming 2020 Summer Olympics in Tokyo.In fact, the new budget also estimates that projected revenue from tickets, broadcasting and sponsorships should match these costs, according to the L.A. Times. One of the main selling points for the Los Angeles bid has been the use of existing infrastructure and stadiums, theoretically keeping costs down.
"The people of Los Angeles and the Olympic family can be assured that the budget we release today reflects accurately the cost of delivering LA 2024’s Plan for a fiscally responsible Games that provides only upsides—economic, social and sporting—for our city and for the Olympic Movement," Mayor Eric Garcetti said in a statement to LAist. "Instead of mortgaging our futures on unknowable construction costs, our Games will capitalize responsibly on our investments that are transforming our city for the future."
"The easiest way to express our budgetary objective is two words: 'no surprises,'" said LA 2024 chairman Casey Wasserman. "If L.A. is chosen to host the 2024 Games, the [International Olympic Committee] does not have to worry about changing or evolving budgets, shifting competition venues or uncertainty about the delivery of the Games."
By comparison, Paris, who is also in the running for the 2024 games, has estimated their costs at over $9 billion, according to ABC News.
In the wake of Olympic Games that have crippled host nations and cities (notably Athens and Rio de Janeiro), the IOC has made a move towards slimmer, low-risk budgets. Tokyo's games have seen their budget balloon to $20 billion, including a $150 million new stadium. The IOC has said they would not sign off on the Tokyo budget, saying it would set a bad example.
There was also anxiety after the presidential election that the ascent of Donald Trump would hamper Los Angeles' efforts to get the games. Turning lemons into lemonade, the LA 2024 committee said that Trump's election meant L.A. needs the games now "more than ever." On Wednesday, in between calls with post-Soviet despots, President-elect Trump told IOC President Thomas Bach that he supported L.A.'s bid.
Los Angeles last hosted the Olympics in 1984 and made over $200 million in surplus revenue, making them the most financially successful games in history.
At LAist, we believe in journalism without censorship and the right of a free press to speak truth to those in power. Our hard-hitting watchdog reporting on local government, climate, and the ongoing housing and homelessness crisis is trustworthy, independent and freely accessible to everyone thanks to the support of readers like you.
But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
We’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission.
Thank you for your generous support and belief in the value of independent news.

-
Kevin Lacy has an obsession with documenting California’s forgotten and decaying places.
-
Restaurants share resources in the food hall in West Adams as Los Angeles reckons with increasing restaurant closures.
-
It will be the second national day of protest against President Donald Trump.
-
The university says the compact, as the Trump administration called it, could undermine free inquiry and academic excellence.
-
This is the one time you can do this legally!
-
Metro officials said it will be able to announce an opening date “soon.”