Van Nuys, Calif. – The Valley Industry & Commerce Association (VICA) applauds the decision made by the International Olympic Committee (IOC) early Tuesday morning to award the 2024 and 2028 Olympic Games in the fall. The IOC voted unanimously in favor of awarding hosting rights for the 2024 and 2028 summer Olympics in the same session in September, pending agreements with Paris and Los Angeles.
The Los Angeles bid, led by the Los Angeles 2024 Exploratory Committee (LA 2024), follows a cost-effective model that relies on existing venues and on infrastructure that is being built in Los Angeles regardless of the Olympics. A study released in January projected that the 2024 Games will generate between $13.3 billion and $14 billion in economic output throughout the state of California. Across the country, the Games would generate between $17.4 billion and $18.3 billion in economic output. Los Angeles has a strong history of successfully hosting the Olympic Games in the past, hosting in 1932 and 1984.
“This decision by the IOC to award the 2024 and the 2028 Games simultaneously brings Los Angeles one step closer to realizing its Olympic dreams,” VICA President and LA 2024 Board Member Stuart Waldman said. “VICA is proud to support this Olympic bid, which will bring economic and social gains throughout Los Angeles County with minimized risk.”
LA 2024’s Games Plan is much more inclusive than the 1984 Olympic plan, which kept every event but the soccer preliminaries in the city. As outlined in the plan presented to the IOC, Olympic events will extend beyond the city center. The San Fernando Valley will host three events, which will bring significant exposure and investment to the Valley and will give Valley residents convenient opportunities to enjoy the Games.
VICA looks forward to the IOC’s final decision in September, which will confirm when Los Angeles will host the Olympic Games.
The mission of the Valley Industry & Commerce Association (VICA) is to enhance the economic vitality of the greater San Fernando Valley region by advocating for a better business climate and quality of life. Visit www.vica.com for more information.