IIRC, Los Angeles Games actually made $200 million from the games themselves. This then caused all sorts of cities to start bidding for the games and helped to foster all the corruption that followed. Most of that money went to the US Olympic Committee. The city of Los Angeles made money because most of the facilities already existed. They did make more on the facilities that were built.
I knew the LA Games did make money, but I wasn't sure how much. However, in fairness, the LA Games were big because the Americans did so well (the Soviet Bloc boycotted). The last summer games to have a big "West vs. East" rivalry was Montreal in 76 and that was a huge loser. Lake Placid in 1980 was possibly the greatest Olympiad ever.