Posted on 05/01/2019 2:57:19 AM PDT by C19fan
The predicted cost of staging the 2028 Los Angeles Olympics has risen to $6.9 billion, according to an updated budget released Tuesday by the private committee responsible for staging the massive sports event.
The new figure represents a $700 million increase over previous estimates, with organizers saying they had to adjust for inflation after L.A., which originally bid for the 2024 Games, agreed to wait four more years. Those same economic forces led LA 2028 to forecast a corresponding bump in revenue that would cover all expenses through corporate sponsorships, ticket sales, merchandising and other sources.
(Excerpt) Read more at msn.com ...
Just on the anticipated property tax rise that is likely to come, and the inflated income tax situation in a decade...it’d be enough for me to pack up and leave. Anyone who thinks it’ll stay at roughly 7-billion is a fool, this will rise to 15 to 20 billion dollars.
Can’t illegals work the event for less than minimum wage? Could save billion$.
2028.
Interesting timing.
Did LA figure that Trump will be long gone and their chances of getting a uniparty prez who will just write CA a check are far, far better...?
and that’s just the cost to clean up the sidewalks...
the money would be better spent on a wall..
Actually, there’s a gorilla hanging in the wings that’s not being budgeted for and it’ll be HUGELY significant.
The Olympics depends heavily upon unpaid volunteers; under rulings from the courts in California, someone can easily demand all of the volunteers to be paid at least minimum wage including overtime.
If the committee isn’t already planning on paying all of those people for all of their time (including training, practice, dry runs, unemployment, medical) toss in an extra billion just in legal fees.
The Olympics is a big TV show. Should be paid for by the producers of said show.
No volunteers in CA?
I’ve been to the Olympic village in Beijing, the locals are trying to do something with it but it’s basically billions of dollars worth of urban blight.
2029 it’s be a great homeless shelter.
Probably half of that will be spent cleaning the poop off the streets.
Gross. Knowing what I know now about Hollyweird and it’s history, it’s no wonder LA is chosen to host this pagan event.
Plus they pass the other test - deep enough pockets (especially when you add in the unlimited pockets of public funding...) to be well worth a law firm’s time to argue. Just need one volunteer who's willing to get a cash bonanza to file.
Many events in California have proactively staffed their events via third party companies to protect themselves; several of which use temp employment agencies.
That actually might be fair.
What could go wrong!
And why do I have the feeling that US Taxpayers will be the ones footing most of the cost for this sham sports event?
ML/NJ
>>I’ve been to the Olympic village in Beijing, the locals are trying to do something with it but it’s basically billions of dollars worth of urban blight.
Not just the one in Beijing - most of them end up like that.
As long as they don’t come whining to me to help pay for it.
They should have 6 permanent sites for the Olympics, 3 for winter games and 3 for summer games. As they rotate there is a gap for clean up, maintenance and minor upgrades.
“Not just the one in Beijing - most of them end up like that.”
The one in Brazil is a huge open air sewer these days. Not one single venue has ever produced the promised financial benefits.
Not one.
L
I know that bashing California, and Los Angeles in particular, is shall we say an Olympic sport here, but if you consider for a moment that Athens spent $11 billion in 2014, Beijing spent $44 billion in 2008, and Sochi $51 billion in 2014, the $6.5 billion estimated here is a fraction of those costs.
There will be no major venue construction projects because all the major venues already exist. Local universities will provide the site of the Olympic Village. The organizing committee is targeting $2.5 billion in sponsorship revenues. The international committee kicks in another $2 billion. Tickets and merchandise sales provide a third revenue stream.
As I have written here before, these games have every opportunity to be a financial success. That doesn’t mean LA won’t screw it up, but citing decaying infrastructure from past games in other countries is apples and oranges.
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