Los Angeles 2028 Financial Challenges
This is a Los Angeles news story, published by CNBC, that relates primarily to Controller Kenneth Meija news.
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Sports
Los Angeles turned a profit on its last Olympics. The 2028 Games could come up short
84% Informative
Los Angeles is in a deep financial hole, according to recent budget updates and comments from LA 's Controller Kenneth Meija .
A top city budget official recently estimated that the budget shortfall could reach $1 billion in its next fiscal year .
In the last 60 years of host cities, almost none have been profitable or stayed on budget.
The 2004 Athens Olympic Games ended up roughly 50% over budget, at $3 billion .
The wildfires in mid-January displaced tens of thousands of California residents and over 18,000 structures were destroyed.
None of the 2028 Olympics venues set to host were damaged by the fires.
UCLA , which has been set to serve as the Olympic Village housing athletes, emerged unscathed.
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