According to official forecasts, the 2024 Olympics in Los Angeles is slated to "generate as much as much as $11.2 billion in economic output in the city." The benefits reaped includes "as many as 79,307 jobs and between $152 million and $167 million in additional tax revenues in the city" according to experts.
Conventional wisdom underscores the fact that being selected to be the host city for the Olympics is usually an "enormous boost for the local economy" in the short and long terms. The short term boost is accounted for by the "activity surrounding the events themselves" and the long term boost, by the increase in global status enjoyed by the host region. Hence, the trade-off that must be considered is whether the actual endeavor of hosting the Games will outweigh the potential benefits reaped during the Games, and in the aftermath for years to come.
Fortunately for Los Angeles, many of the crucial components necessary for being a host city are already present. Los Angeles has also hosted the Games before, in 1984, and there is a "wealth of existing top-flight venues in the region" with 85% of proposed venues already in existence or in planning. Furthermore, it requires "no new permanent venues." This means that the city will need to invest comparatively fewer resources into preparing for the Games than a first-time city would. However, it is also unlikely that Los Angeles will reap long-term gains from hosting the Games, as it is not a city lacking in global prominence. Hence, it is the city's taxpayers' hope that the lack of long-term gains and the lack of resource expenditure on preparation will balance themselves out.
For Los Angeles, the projected budget is $5.306 billion dollars. It is crucial for host cities to "recover their expenses through ticket sales and sponsorships" with the worst case scenario being "breaking even." Furthermore, it is estimated that the "impact of an Los Angeles Olympics would extend beyond the city's borders" and resonating throughout the state of California. It is predicted that the Games would "generate between $13.3 billion and $14 billion in economic output across the state," to $17.4 billion to $18.3 billion nationally."
As for visitors themselves, they will "spend between $1.17 billion and $1.46 billion in Los Angeles' and "between $240 mllion to $300 million in the city after the Games." In specific projected figures, 3.3 million visitors will show up to the Games, with the "average visitor staying in the city 5.5 days and spending an average of $230.07 per day."
