Los Angeles As Host City
Following the news of the massive financial losses of the 1976 Summer Olympics in Montreal, Quebec, Canada, only Los Angeles and New York City expressed serious interest in hosting the 1984 games. Given only one city per country is allowed to bid for any Games, the USOC vote for an American bid city was essentially the deciding vote for the 1984 Olympics host city. In this case, Los Angeles's bid won by a vote of 55 to 39. New York City's 1984 bid fell just 9 votes shy of winning the Games and is the closest the city has ever come to becoming a host city for the Olympics, coming even closer than they did in their 2012 bid.
Los Angeles is the only US city to host the Summer Olympics twice.
The low level of interest among cities was seen as a major threat to the future of the Olympic Games. However, with the financially successful Los Angeles Games, cities began to line up to be hosts again. The Los Angeles and Montreal Games are seen as examples of what to do and what not to do when organizing the Olympics, and serve as object lessons to prospective host cities. While Montreal organizers ran up a substantial debt eight years earlier by constructing many new, overly ambitiously designed venues, the Los Angeles Olympic Organizing Committee relied heavily on the use of area venues that were already in existence, particularly Los Angeles Memorial Coliseum, which was also the Olympic Stadium for the 1932 Summer Olympics. The Olympic Velodrome and the Olympic Swim Stadium, funded largely by the 7-Eleven and McDonald's corporations respectively, were the only two new venues constructed specifically for the L.A. Games. The resulting low construction costs, coupled with a heavy reliance on private corporate funding, allowed the Games to generate a profit of more than $200 million, making them by far the most financially successful in history.
In addition to corporate support, the Olympic committee also made use of the burgeoning prices being paid for exclusive television rights. Starting with the Los Angeles Games, these contracts would be a significant source of revenue. Adjusted for inflation, the Los Angeles Games received twice the amount received by the 1980 Moscow Summer Olympics and four times that of the 1976 Montreal Summer Olympics. Because these contracts were signed well in advance of the Games, Los Angeles found itself in an easier planning position as most of its revenue was already assured before the Games.
Read more about this topic: 1984 Summer Olympics
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