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The city of #LosAngeles will host the Olympic Games for a third time in July 2028, after holding the events in 1932 and 1984. LA Mayor Karen Bass has announced that the #2028Olympics will be a car-free, transit-first event. Hopefully, the challenges, opportunities, and lessons from the Paris Olympics can be translated to the LA context and turn the coming #OlympicGames into a transformative force for the region's long-term, sustainable, and inclusive economic development. A #green, #car-free, #transit-first Olympics Games can catalyze a long-term trend to broader #sustainabletransportation options for the region. https://lnkd.in/gr_5zwtk

Ever wondered how much it costs to host the Olympics? Hosting the Olympics is a significant financial commitment for any city, involving both direct and indirect costs. Here's a breakdown of the major expenses and economic impacts that Paris can expect with the upcoming games: 🔹 Infrastructure Investments: Cities often invest heavily in building and upgrading sports venues, transportation systems, and accommodations. These projects can amount to billions of dollars, with the 2016 Rio de Janeiro Olympics costing around $13.1 billion. 🔹 Operational Costs: This includes expenses related to event management, security, and marketing. For instance, the 2012 London Olympics had operational costs of approximately $15 billion. 🔹 Long-term Economic Impact: While there are potential economic benefits, such as increased tourism and job creation, the long-term financial impact can be mixed. Some cities face debt and maintenance costs for years post-Games. 🔹 Sustainability and Legacy: The focus is shifting towards sustainable and economically viable planning to ensure that investments serve long-term community needs. Understanding these costs and planning strategically is crucial for any city considering hosting the Olympics. 🔗 Read more: https://lnkd.in/deGipR_U #Olympics #EconomicImpact #CityPlanning #SportsEconomics #EnigmaticGroup

Paris Powers to Silver as a Host City, Sydney Breaks Through to the Podium with Bronze! In the spirit of the #Olympics, #RCLCO has updated our global ranking of the most expensive real estate markets. London maintains their gold status at #1, while Paris captures silver (thanks to a healthy boost in ADR), and Sydney mounts the podium with bronze. Tokyo and Los Angeles narrowly miss the podium tied at 4th, though looking to 2028 it will be interesting to track if Los Angeles receives a host city boost like Paris did in 2024. While summer Olympics cities dominate, will Salt Lake City’s tremendous growth be enough for it to join the list as a Winter Olympics host city? (https://lnkd.in/gcxBVmWx) Check out the 2021 rankings and methodology, as well as our sports venue-anchored real estate tracker (https://lnkd.in/ehNYj5qS) which highlights the stadium adjacent development happening nationally - including in Los Angeles in advance of the 2028 games. Go team USA!!

Happy opening day in Paris🇫🇷! Here are some interesting, Olympic-sized facts for you this #FactFriday! 🥇Paris budgeted about $8 billion for the 2024 Olympics when it won its bid to host in 2017. (Even before bidding, cities invest millions of dollars in evaluating, preparing, and submitting a bid. The cost of planning, hiring consultants, organizing events, and the necessary travel consistently falls between $50 million and $100 million.) Since winning the bid and preparing for the games, the city has increased its budget by several billion dollars. Costs are split relatively evenly between operating expenses and new infrastructure, according to an S&P Global Ratings analysis. 🥈If the final cost stays in that ballpark, Paris will host the cheapest Summer Games in decades! Organizers say the decision to rely almost entirely on existing venues, such as those built for the annual French Open and the 2016 European Football Championship, has kept costs down. Now, these are some expensive games! Source: Council on Foreign Relations #FridayFastFact #Olympics #2024Olympics #ParisOlympics #OlympicGames #OlympicFacts #RoZelFinancial

Are the Olympic Games getting more costly than they're worth? Great interview from our CEO, Alexander Budzier on the cost of the Olympic Games with the Australian Broadcasting Corporation (ABC). 🔹 Part of the positive legacy of the Summer Games is substantial urban regeneration, rather than attracting tourism - these are normally held by world-famous cities. 🔹 It's likely that the Games will only be held by rich nations, as they are now so expensive to host and have a record of continual and significant cost overruns. 🔹 Environmental sustainability is increasingly being taken into account with the Olympics - there's a requirement to reuse more facilities. Watch the full interview at https://lnkd.in/edTVFxep and read the paper 'The Oxford Olympics Study 2024' at https://lnkd.in/enMP78EB. #Olympics2024 #projectsustainability #megaprojects

🏅East-West Center Senior Fellow Dr. Charles E. Morrison writes an opinion piece "Time to share Olympic glory with the Global South" for the South China Morning Post SCMP. ✍ As the risks of hosting the Olympics increase, modern solutions can help make the Games safer, cheaper and more accessible to other countries. ✍ The costs and risks have resulted in hosts being almost exclusively clustered in richer countries. ✍ The best way to future-proof the Olympics and make them more accessible to developing countries is to take advantage of telecommunication technologies to organise a multinational Olympics seamlessly linked by fibre optic cables and satellites. ✍ If one purpose of the Games is to foster international cooperation, and not just to conduct global athletic competitions, then the IOC should be eager to step up. Read Dr. Morrison's piece here: https://lnkd.in/g8UFvvBC

The 33rd edition of the Summer Olympics are being held in Paris this time round. This will be Paris's 3rd time to host, having previously hosted in 1900 and 1924, and been unsuccessful with its bids several other times (in 1992, 2008 and 2012). Tokyo, the hosts of the 2020 edition (which was held in 2021), had also previously hosted it in 1964. Its 1960 and 2016 bids were unsuccessful. Rio was unsuccessful with three bids (in 1936, 2004 and 2012) before finally getting the nod for the 2016 edition. A quick review of the bidding cities in the last couple of editions suggests a steady loss of interest in hosting the prestigious event. For the 2000 edition, there were 8 cities; for 2004, 11 cities; for 2008, 10 cities; for 2012, 9 cities; for 2016, 7 cities; for 2020, 6 cities; and for 2024, 5 cities! The curious thing about the 2024 edition was that 3 out of the 5 bidding cities - Budapest, Rome and Hamburg - withdrew from the process. The #IOC then voted to use the 2 remaining cities as hosts for the next 2 editions ie Paris for 2024 and Los Angeles for 2028 - because no cities submitted bids!! Never happened before, and hopefully, never will. The bidding process presents a unique headache for the participating cities. Planning a bid is a rather expensive undertaking. It involves costs related to the delegates, security, bid proposals and so on. The typical bid officially costs between USD 50,000,000 and USD 100,000,000. Tokyo, for instance, spent northwards of USD 150,000,000 for its failed 2016 bid. The other latent concern appears to be the so called "Olympics Curse". The cost of hosting the Olympics is still evident for some cities. Montreal, for instance is still reeling from hosting the 1976 Olympics. It costs about USD 30,000,000 to maintain the Sydney Stadium annually (from the 2000 edition) and about USD 10,000,000 to maintain the barely used "Bird's Nest" Stadium (from the 2008 edition). The infrastructure built for the Athens and Rio Olympics are effectively white elephants. The residents of Hamburg held a referendum in order to ensure that the 2024 Games did not come to their city.... The #IOC has not been blind to these matters. One of the working principles of Olympism is sustainability. The Agenda 2020+5 has made 2 key recommendations in relation to these concerns: 1. Fostering sustainable Olympic Games (Recommendation 2). Part of the aim is to deliver lasting benefit to hosting communities prior to and after the Games. Another aspect of this Recommendation is to optimise the delivery of the Games, for instance by identifying cost saving opportunities. 95% of the #Paris2024 venues are either existing or temporary. 2. Strengthening the uniqueness and universality of the Olympic Games (Recommendation 1). One of the focus areas is to reduce the complexity an cost of hosting the Games while ensuring that there is a compelling sports program. https://lnkd.in/dX4pQT-w

The Paris Olympics are estimated to cost over $9 billion to host, making them one of the most economically managed Summer Olympic Games in recent memory. One of the biggest investments associated with hosting the Olympics is infrastructure. This includes world-class sports facilities and essential infrastructure like housing and transportation, which significantly benefit the city. Hosting the Summer Games attracts hundreds of thousands of tourists, providing a substantial boost to the local economy. The International Olympic Committee requires cities to have at least 40,000 hotel rooms for spectators and an Olympic Village that can house 15,000 athletes and officials. These requirements ensure that the city is well-equipped to handle large events and can continue to benefit from these facilities long after the games. With careful planning and execution, hosting the Olympics can leave a positive legacy for the host city. For instance, improved transport networks, state-of-the-art sporting venues, and upgraded housing can continue to serve the local community and attract future events.

The City of Los Angeles is looking to Paris right now to learn from the 2024 Olympic Games' successes and to prepare for when they host the Games in 2028. Here are some of LA’s goals for the 2028 Olympic Games: 🔋 They are looking to host the first "energy positive Games," meaning that it would generate more energy than what is needed to run the Games. 🏗️ They will use 100% existing or temporary infrastructure under the motto "work with what exists." 🚫 They are funneling resources into public transit to create a "car-free Games"—ensured by a lack of parking which will further push spectators to not drive. 🚎 They are expanding the reach of its Metro Rail System through various projects, mainly the East San Fernando Valley Light Rail Transit Project and the D Line (Purple) Subway Extension Project. Will LA pull this off in time? Read more about their plans for the 2028 Olympics: