Reuters LOS ANGELES (Reuters) — While another reduced bid process was completed on Monday with Milan-Cortina d’Ampezzo winning the 2026 Winter Olympics, the Los Angeles Sport Council (LASC) released a report that said sport, including the Games, is good business.
Milan-Cortina d’Ampezzo beat out Stockholm-Are for the 2026 hosting rights, after four other bids — Switzerland’s Sion, Japan’s Sapporo, Austria’s Graz and Canada’s Calgary in Canada — dropped out with concerns over the size and cost of the event.
While more and more cities see the Olympics as a money pit, bullish Los Angeles Mayor Eric Garcetti said at the LA Sports Summit he expects the 2028 Summer Games to produce a $1 billion surplus.
The “City of Angels” is not solely focused on the Olympics, however. It is aggressively pursuing other major events to cash in on decades of investment in facilities.
Los Angeles already has an impressive schedule in coming years, hosting the Major League Baseball All-Star Game in 2020, the 2022 NFL Super Bowl, the 2023 college football championship and a number of games during the 2026 soccer World Cup.
An economic impact analysis commissioned by the LASC found the sports industry generated $6.3 billion in the greater Los Angeles region last year, including $327 million in taxes for state and local governments while supporting nearly 40,000 jobs.Speech