Posted by: Tanya Starcevich | July 12, 2017

Paris and Los Angeles set to get 2024 and 2028 Olympics

Paris and Los Angeles are probably getting the Summer Olympics for 2024 and 2028. It’s just not clear which city will host in which year.

The International Olympic Committee voted unanimously Tuesday to break with tradition and award two games at once.

Paris and LA are the only competitors left for 2024. But it’s been clear since early this year that the IOC is leaning toward awarding the next two games at the same time, to streamline the selection process and provide greater financial stability to the games.

Hosting a modern Olympics practically guarantees massive debt and cost overruns, and many cities have abandoned bids recently. Researchers at Oxford’s Saïd Business School estimate the cost overrun for the 2016 Summer Olympics, in Rio de Janeiro, was $1.6 billion.

“Brazil is not a unique case. All summer and winter games that we’ve studied have shown cost overruns,” wrote Bent Flyvbjerg, the lead researcher. “For a city and country to host the games is a huge undertaking and one of the most costly and financially risky megaprojects they can undertake.”

CNN MONEY – 7/11/2017 http://money.cnn.com/2017/07/11/news/paris-los-angeles-olympics/index.html

 

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