The US President-elect Donald Trump has recently spoke to the International Olympic Committee over the phone extending his support for Los Angeles' bid to host the 2024 Olympic Games.
By comparison, Paris, who is also in the running for the 2024 games, has estimated their costs at over $9 billion, according to ABC News. That is what we mean by a 'New Games for a New Era.' This is a realistic Plan, with a responsible, realistic budget, that faithfully reflects the IOC's Olympic Agenda 2020 philosophy: credibility; sustainability; partnership.
In the wake of Olympic Games that have crippled host nations and cities (notably Athens and Rio de Janeiro), the IOC has made a move towards slimmer, low-risk budgets.
Eight-five percent of proposed venues either already exist or are planned with 80 percent of the facilities built since the 1984 Games.
Los Angeles previously hosted the Olympics in 1932 and 1984, but bids from NY (2012) and Chicago (2016) failed, leaving Atlanta as the last USA city to host the games, back in 1996.
"In other words if Los Angeles is chosen to host the 2024 Games the International Olympic Committee does not have to worry about changing or evolving budgets, shifting competition venues or uncertainty (about the) delivery of the Games".
"Like the organizers of the LA 1984 Games, we believe we have a responsibility and a tremendous opportunity to put forward a plan that will serve Los Angeles and the Olympic Movement long after the Games are over in 2024".
Venue infrastructure, which includes renovation work on the 30 existing venues due to be used if Los Angeles wins the rights to host the 2024 Olympics and Paralympics, is highlighted as the largest cost at just shy of $1.2 billion (£950 million/€1.1 billion).
"The easiest way to express our budgetary objective is two words: no surprises", LA 2024 bid chairman Casey Wasserman said Friday.
If you're anxious that costs for a 2024 Olympics in Los Angeles could run wildly over budget and end up increasing taxes, Los Angeles Mayor Eric Garcetti Friday insisted there won't be any money problems. Bid officials declined to disclose the review's cost on Friday.
Budapest and Paris are also bidding for the 2024 Olympics and Paralympics. The bid touted more than $200 billion in previously approved funding for the airport and transit that wasn't related to the Olympics.
Ticket sales projections are also up, listed at $1.47 billion Friday, an increase of $360 million from previous year. The City will publicly file the KPMG analysis today as part of its commitment to transparency during the bid process.
The Bid Committee have announced they expect to generate $1.93 billion (£1.5 billion/€1.8 billion) in domestic sponsorship revenue, while ticketing would provide $1.47 billion (£1.1 billion/€1.3 billion) in income.
The LA 2024 budget release comes against the backdrop of tense talks earlier this week between the IOC and Tokyo Olympic organizers and national and local government officials over the budget for the 2020 Games.