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To clinch Olympics bid, LA promises to pay cost overrun




Fireworks explode over the Los Angeles Memorial Coliseum during the 2015 Special Olympics World Games Opening Ceremony, July 25, 2015 in Los Angeles, California. Los Angeles is opening a bid for the 2024 Olympics
Fireworks explode over the Los Angeles Memorial Coliseum during the 2015 Special Olympics World Games Opening Ceremony, July 25, 2015 in Los Angeles, California. Los Angeles is opening a bid for the 2024 Olympics
ROBYN BECK/AFP/Getty Images

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Mayor Eric Garcetti says the city is prepared to cover any cost overrun or revenue shortfall if Los Angeles is chosen to host the 2024 Olympics, as Los Angeles inches closer to becoming the U.S.’s nominee to host the event.

The projected cost for hosting the games is estimated at around $4 billion. Garcetti’s statement came during an interview with the Los Angeles Times’ editorial board on Monday.

The city’s chances at hosting the 2024 games were revived after Boston unexpectedly dropped out in July – whether Boston is willing to pay for budget overrun was allegedly a sticking point.

Should L.A. host the 2024 Olympics? Should the city be committed to footing the bill for budget overrun? Does it make economic sense?

Guests:

David Wharton, sports writer at the Los Angeles Times. His piece in the paper today looks at the economics of L.A. hosting the 2024 Olympics. He tweets @LATimesWharton

Andrew Zimbalist, Professor of Economics at Smith College and author of the new book, “Circus Maximus: The Economic Gamble Behind Hosting the Olympics and the World Cup” (Brookings Institution Press, 2015)