Boom or Bust? Boom
After the financial disaster that was Montreal, Los Angeles can be credited with changing the way the modern games were run and became the first Olympics since 1932 to make money. Under business savvy Peter Ueberroth, the head of the organizing committee, Los Angeles did not have to pump money into new stadiums, but made adjustments to existing ones. Only the velodrome and the aquatics center needed to be built especially for the Olympics. Although the Games cost around $546 million, the taxpayer did not bear the burden. Corporate sponsorship, television rights and ticket sales allowed the Games to make a $222.7 million profit, 40 percent of which was channeled into youth sports organizations. The wider economic impact of the Games on Southern California has been put at $3.3 billion.