High Economic Impact for ‘Low Risk’ LA Bid — 2024 Roundup

(ATR) A new study commissioned by the University of California Riverside says the Los Angeles 2024 Olympic bid is “low-risk”.

The study, released by the LA 2024 bid committee today, says hosting the Games in Southern California would have a local economic impact of $11.2 billion. That impact could expand to $18.3 billion when looking at a national scope.

“By using mostly existing infrastructure and facilities, much of which were used in the 1984 Olympic Games, and by leveraging the assets and geography of the Los Angeles area, the 2024 Olympic and Paralympic Games would pose little economic risk to the community relative to other Olympic Games,” the study said.

“This economic advantage would allow the host to invest more in creating a unique and memorable experience for athletes and attendees, as well as for the community of Los Angeles.”

The positive outlook of the study contrasts with a more neutral report produced by the California Legistlative Analyst’s Office in Nov. 2016. That report states there is expected to be “some short–term net economic gains in 2024 and in the years just before the Games” but long-lasting investment is unlikely.

“The low–risk financial strategy of the bid greatly reduces the risk that the Southern California economy will bear large, long–term taxpayer expenses related to the Games,” the California LAO report said. “For these reasons, under the current bid plan, the long–term economic effect of the 2024 Games probably would be close to neutral.”

The newly-released report says that a total of 74,308 to 79,307 full-time jobs would be created from the impact of the 2024 Games. In addition, California would have tax revenues between $152-167 million. Between $6.72 and $7.07 billion is expected to be spent in Los Angeles by the LA 2024 organizing committee and tourists before and during the Olympic Games.

Between $1.17-1.46 billion of the expected spending will come from tourists visiting Los Angeles for the Olympics. London, one of the cities used as a comparison for the study, saw foreign tourists spend an estimated $925.3 million during the 2012 Olympics, according to studies released a year after the Games. London also reported an $8.8 billion increase to its construction industry from projects built for the Olympics. A major selling point on LA 2024’s bid is the lack of major construction needed to host the Games.

“The opportunity to achieve positive, long-term impacts from a 2024 Los Angeles Olympic and Paralympic Games is one of the most compelling components of the current bid,” the study said. “The legacy of the 2024 Olympic Games would not only build on the legacy of the 1984 Olympic Games, but would leave a lasting legacy within the city, across the country, and throughout the world.”

Paris 2024 Negates Sailing Venue Concern

The French bid for the 2024 Summer Olympics says its proposed sailing venue in Marseille is staying put.

A report by French news site Marsactu last week claimed the Marseille venue was potentially in trouble following the release of a flood prevention plan for the city. According the proposal by the Department of Territories and Sea (DDTM), the Roucas-Blanc marina along the Huveaune River contains a ‘red zone’ which would prevent further construction.

However, the proposal is only under consideration by the city of Marseille and is not final. Regardless, Paris 2024 tells Around the Rings the flood prevention plans will not affect its proposed sailing venue.

“The Marseille Sailing venue was chosen as part of our Games Plan because it is an existing, world class facility with a proven track record of delivering at the very highest levels and we look forward to welcoming the world’s greatest sailors to Marseille if Paris is granted the honor of hosting the Games in 2024,” Paris 2024 said in a statement.

Marseille was chosen to host sailing by Paris 2024 in September 2015.

Written by Aaron Bauer and Kevin Nutley.

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