2028 Los Angeles Olympic Stadium Renovation Full of -Money- Scenes_1

2028 Los Angeles Olympic Stadium Renovation Full of -Money- Scenes_1

As preparations for the 2028 Los Angeles Olympics take shape, significant venue transformations are underway. The organizers have proposed a series of changes, such as relocating basketball games to the new Intuit Dome and installing a temporary swimming pool within the grand SoFi Stadium. In a surprising move, softball games will be shifted 1,300 miles east to Oklahoma City.

By modifying the original plan, the latest facilities in Southern California will be incorporated, allowing for thousands more sports fans to participate. According to the private LA28 committee, these adjustments could realize an estimated profit of $156 million through cost savings and increased revenues.

Victor Matheson, a sports economist from the College of the Holy Cross and an expert in Olympic enterprises, notes that while some people prefer smaller venues, opting for larger sites makes more economic sense from a broader perspective.

When LA28 originally bid to host the Olympics, SoFi Stadium in Inglewood and the Intuit Dome in Los Angeles were still in the conceptual stages, so such changes were to be expected and perhaps represent just the first of many adjustments. Casey Wasserman, chairman of LA28, stated, “Since 2016, Los Angeles has seen significant changes, and adapting to circumstances is extremely beneficial.”

The International Olympic Committee has largely approved these changes, currently awaiting a vote from the Los Angeles City Council. Per the agreement between the city and LA28, the city holds the right to accept or reject proposed modifications for events within Los Angeles. Wasserman anticipates the council will approve these changes.

Shifts in Venues

Such reshuffling is not new for Olympic host cities, especially with four years remaining before the opening ceremony. At this stage, the focus on innovative ideas often gives way to the pressing realities of deadlines and balancing budgets. One core aspect of the Los Angeles Olympic plan remains unchanged: the essential nature of the Los Angeles Memorial Coliseum, a historical venue that hosted the Olympics in 1932 and 1984. While the Coliseum will undergo some renovations, including raised flooring for track and field events, nearly every other element is open for reconsideration.

The more than $2 billion Intuit Dome officially opened in mid-August, allowing basketball games to shift from the originally planned Crypto.com Arena. This transition will also enable gymnastics, a key event, to move from the aging Forum to Crypto.com, which is home to the NBA’s Lakers and NHL’s Kings. With a larger seating capacity designed initially for hockey, Crypto.com can accommodate multiple athletic competitions at once, including vaulting and uneven bars.

Swimming Competition Proposal

LA28 estimates that relocating activities to the Intuit Dome and Crypto.com will generate a net budget surplus of $38 million. The transfer of swimming venues may yield even greater economic benefits. Initially, plans called for a temporary swimming pool at the USC baseball stadium. Now, organizers aim to replicate the success of the upcoming U.S. Olympic swimming trials in Indianapolis’ Lucas Oil Stadium, which set a record for attendance.

They assert that the luxury suites and restaurants at SoFi Stadium, alongside a swimming venue that can host 38,000 spectators, could yield an additional $10.6 million in revenue. However, as with other venues, the financial calculations become complex due to potential increases in costs, including $5.8 million in higher rent, leading to an estimated net gain of $4.9 million.

The organizers have significant discretion in their venue selections; for example, the Forum may host a different sport, underscoring Los Angeles’s privilege among cities that can host the Olympics without the necessity for permanent construction. This surplus of venues will be beneficial for fans. “All of these venues have large capacities,” Wasserman remarked, “creating more opportunities for people to participate in events.”

However, the projected $7 billion budget for the LA28 Olympics remains a pressing issue. While organizers promise to cover all costs through ticket sales, corporate sponsorships, and other revenues, if revenue goals are not met, the City of Los Angeles and the state legislature have agreed to provide financial backing, putting taxpayers at risk. Increasing seating capacity by switching to larger venues could help mitigate this risk.

“The more funding raised from fans, the better,” Matheson said, emphasizing that every dollar raised means less reliance on taxpayer funds.

Jules Boykoff, a political science professor at Pacific University in Oregon and an expert in Olympic management, has been critical of the excessive costs that the Olympics impose on host cities. He partially aligns with Matheson, pointing out that while LA28’s initial budget was set at $5.3 billion, it has ballooned to $7 billion and is expected to rise further in the coming years.

Shifts in Softball and Canoeing Events

While Boykoff acknowledges that $156 million is only a fraction of the overall expenses, it’s still a significant amount. The decision to relocate softball and canoe slalom competitions to Oklahoma is surprising, but finances are not the only consideration. This reflects a recent trend by the International Olympic Committee to allay fears among cities about the risks of incurring substantial debt. IOC leadership encourages seeking cost-saving measures whenever possible.

Oklahoma City joins the LA28 Games because it already has two required venues. Its 13,000-seat softball stadium surpasses any comparable venue in Southern California and is adjacent to the Softball Hall of Fame, which has a track record of attracting fans. Additionally, the city’s world-class canoe slalom course is conveniently located downtown, saving $39 million by avoiding the need for temporary construction. Local chamber leaders have even pledged to bear all financial risks, making the arrangement more appealing. If Olympic events exceed budgets, they will cover any remaining expenses for both venues.

Oklahoma City Mayor David Holt stated, “We believe we will be an outstanding partner for LA28, creating a vibrant environment for Olympic athletes and fans.” Furthermore, there may be a more nuanced motivation behind this collaboration. Representative Tom Cole of Oklahoma, who is influential as chair of a House appropriations committee, is currently being lobbied by LA28 for federal funding regarding Olympic security and transport.

With canoe slalom potentially relocating from its original site in Sepulveda Basin Recreation Area, plans for the San Fernando Valley venues will be thoroughly revised. Shooting events and equestrian competitions will also be relocated, as the Basin cannot accommodate the IOC’s desire to host all three equestrian disciplines—jumping, dressage, and eventing—at one site.

LA28 proposes hosting equestrian events at Galway Downs in Temecula. To compensate for the changes in the San Fernando Valley, it will gain more popular events like skateboarding, BMX cycling, and archery. In other developments, John C. Argue Swim Stadium, adjacent to the Coliseum and a site for the 1932 Olympics, will be updated to host diving events in 2028. Both the Coliseum and Argue Swim Stadium are located within Exposition Park.

In Long Beach, the waterfront indoor swimming facility will serve as a shared venue for artistic swimming and water polo.

The statuses of potential venues such as Dodger Stadium for baseball, Rose Bowl for soccer, and Santa Monica for beach volleyball will be announced in the coming months.

Dignity Health Sports Park in Carson still intends to host numerous events, but final plans may take a year to solidify. As the Olympics approach in four years, city names for corporate venues will temporarily fade due to IOC sponsorship regulations. For instance, Crypto.com will be referred to as the “Arena in Downtown L.A.” during that 17-day period.

As LA28 continues reviewing its plans, they are committed to pursuing further savings. Wasserman pointed to Peter Ueberroth, who led the highly successful 1984 Summer Olympics, resulting in millions in surpluses, partly due to his cost-cutting tendencies. “When you have to pay the bill yourself, you must be careful with every penny,” Wasserman remarked, emphasizing, “We absolutely have the historical achievements of the 1984 Los Angeles Olympics, which set a very high benchmark for us.”

Comments are closed.
MNBBS | QQ-News | 001NEWS | GoLuckGame