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Every LA Olympics so far has been profitable. This is because LA generally reuses existing venues when possible, and almost all facilities built for the Olympics are designed with plans for post-Olympic usage. For example, the LA Memorial Coliseum was built in 1921 as WWI memorial and was expanded for the 1932 Olympics a decade later. The Coliseum was not upgraded for the 1984 Olympics (though the track and field were upgraded), and the only two venue custom-built for the 1984 Olympics were the velodrome and swimming stadium. The 1984 Olympics was one of the most cost-conscious Olympics ever held, and is still the most profitable Olympics. Like today, few cities wanted to host the Olympics due to cost concerns. Indeed, LA was the only remaining bidder by the time the decision reached the IOC (similarly, for the 2024 Olympics, Paris and LA were the only two bidders remaining, and LA was the only city willing to bid for 2028). The 1984 Olympics were almost entirely privately funded (thanks to Hollywood and other corporate backers). LA made significant use of existing structures, low-cost decorations, and was the first Olympics to truly take advantage of corporate sponsorships and television contracts. For example, the velodrome was funded by 7-11, and the swimming stadium was funded by McDonalds. The forthcoming 2028 Olympics follows the blueprint set by the 1984 Olympics: reusing existing venues and infrastructure, to the extent that the only venues that will be created solely for the Olympics are the viewer stands for some of the outdoor events like bmx and canoeing. Extensive use of corporate and private sponsorship. Pretty much the only thing that requires government funding is the security, and the US federal government will be providing the bulk of that. |