Californians Will Bailout Olympic Games

Sep 9, 2017

California taxpayers will be on the hook for any cost overruns as Los Angeles prepares for the 2028 Olympic Games. Politicians will cover up to $270 million for overruns. The money won’t be called a bailout, subsidy, or guarantee. Instead the state is calling the money the “Olympic Games Trust Fund.” Olympic games tend to lose substantial amounts of money. The games left the 1976 Montreal Summer games a debt of $1.5 billion. The 2016 Rio games left the city with a debt of $879 million. Ten days after the games, Brazil’s Senate “convicted and impeached President Dilma Rouseff for illegally using state bank money to bankroll crony Olympic public spending.” Los Angeles does not plan to build any new venues. When the city held the Olympic Games in 1984 they made $232.5 million.