2028 Los Angeles Olympics Revised Budget Nearly $7bn

Date: 30 April 2019 - 21:20

News ID: ۶۵۴۱۲

WASHINGTON (AP) The price tag on the Los Angeles 2028 Olympics is now $6.88 billion, a $1.36 billion increase that comes mainly because of accounting measures designed to better reflect inflation over the long lead-up to those games.
Most key numbers the organizing committee released Tuesday are essentially the same as those in the original bid documents, only adjusted from 2016 dollars to reflect the real value of the dollars at the time they'll be received or spent - mainly in the later part of the 2020s.
That includes the cost of venue infrastructure (increase from $1.19 billion to $1.46 billion) and the contingency fund being guaranteed by the city and state ($487 million to $615 million).
If LA makes its budget, it will become the first host in the modern era to do so.
Next year's Olympics in Tokyo originally were budgeted at $7.3 billion but are now expected to run $12.6 billion.
Los Angeles initially projected a $5.3 billion budget for its original bid for the 2024 Games. But in a groundbreaking move, the International Olympic Committee awarded the 2024 Games to Paris and the 2028 Games to Los Angeles at the same time. Part of that agreement was that LA would reveal a revised budget, for 2028 instead of 2024, in the first quarter of this year.