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.
Then came an unusual deal in which the International Olympic Committee agreed to a compromise between the two bid finalists, withThe Los Angeles City Council, which signed off on the original bid, gave the rechristened LA 2028 until early this year to produce numbers that reflected the postponement.
In those and other cases, capital projects — new stadiums, roads, hotels — were primarily responsible for driving expenses. The bid contains nothing in the way of improved infrastructure, relying instead on public transportation projects already in the works. But LA 2028 faces challenges.L.A. mayor Eric Garcetti holds a card bearing the name of LA 2028 after the vote by the International Olympic Committee to award the games to the city.
With hundreds of thousands of visitors expected to descend on the city in 2028, some political leaders are already talking about improvements, asking for a study on ways to pay for street and sidewalk fixes.The revised numbers, which were reviewed by a major accounting firm, showed inflation accounting for 86% of the estimated increase.
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