Studies show cost effective Olympic Games secure gold for bid cities

10 / Jan / 2017 | News

While investigations into a potential South East Queensland (SEQ) bid for the 2028 Olympic and Paralympic Games are underway, a study released this week estimates a Los Angeles 2024 Olympic Games could deliver more than $18 billion (US) in economic uplift for the United States.

The study conducted by Beacon Economics and the University of California shows an LA 2024 Olympic and Paralympic Games could increase economic output by up to $11.2 billion in Los Angeles and $18.3 billion nationwide, creating more than 70,000 full time jobs in the region.

The Council of Mayors (SEQ) recently completed a 12 month pre-feasibility study into a potential regional bid for the 2028 Olympic Games before voting to complete a full Feasibility Study, SEQ Sporting and Performance Space Audit and People Mass Movement Study in 2017.

Acting Council of Mayors (SEQ) Chair Cr Paul Antonio said the potential economic benefits of an LA 2024 Olympic Games are achievable due to the city’s high reuse of existing venues, something that could also be achieved in SEQ by using the region’s existing facilities.

“The potential 2024 host cities – Los Angeles, Paris and Budapest – are the first to truly benefit from the reforms of Olympic Agenda 2020. These reforms allow bid cities to maximise use of existing and temporary venues to deliver a cost effective, low risk Olympic Games.

“With the 2018 Commonwealth Games venues and our existing world-class facilities such as Suncorp Stadium and Queensland State Velodrome, SEQ could be well placed to capitalise on the economic and infrastructure delivery benefits of a potential Olympic Games bid.

“Los Angeles has embraced Olympic Agenda 2020 by delivering a bid that is first and foremost about improving the future of its city, not just the Olympic Movement. This is why the SEQ Mayors believe there is merit in investigating whether the same could be achieved here.

“We’re not blind to the costs of an Olympic Games, the key is making sure we do our homework to guarantee any costs are far outweighed by the delivery of more jobs, a stronger economy and better public transport for our residents,” said Cr Antonio.

A study released last year by the Centre for Law and Economics of Sport at the University of Limoges estimated a Paris 2024 Olympic and Paralympic Games could deliver up to €10.7 billion in economic benefits to France.

An official decision about a potential SEQ Olympic Games bid is not needed until 2019, and won’t be considered until a full feasibility study has been completed.