IOC Officially Awards 2024 Olympics to Paris, 2028 Games to Los Angeles

The 2024 and 2028 Olympics are officially headed to Paris and Los Angeles.

The 2024 and 2028 Summer Olympics have officially been granted to Paris and Los Angeles, respectively, the International Olympic Committee announced with a unanimous vote on Wednesday at a session in Lima, Peru.

Both cities will make history as they join London as three-time hosts of the Summer Games. Paris will also get to host on the centennial anniversary of the 1924 Olympics. More important than any historical factoid is that the decision means that the IOC has secured host cities for the next three Summer Olympics after several potential host cities like Budapest, Rome and Hamburg backed out due to backlash from the public and budgeting concerns.

The abandoned stadiums as well as the headlines of corruption and debt have muddled Rio de Janeiro's legacy for 2016. Tokyo's budget for 2020 continues to balloon. IOC President Thomas Bach eventually had to make the decision to award 2024 and 2028 simultaneously. 

Congratulations to @Paris2024 and @LA2028 #IOCSession #Lima #Olympics @OlympicChannel pic.twitter.com/etlauX5kIY

— IOC MEDIA (@iocmedia) September 13, 2017

Both cities believe that due to infrastructure and venues that are already in place, they can avoid the rising costs of hosting the Olympics. Throughout the bidding process, Los Angeles noted that 97% of proposed venues for their Games already exist or would be temporarily set up. Los Angeles also says its $5.3 billion cost will be covered by sponsorships, ticket sales and other revenue sources.

This ends a string of unsuccessful bids by Paris after they tried to land the 1992, 2008 and 2012 Olympics.

Paris' lone stadium that will be built just for the Games is a brand new aquatics center that will host all swimming and diving events—where a 27-year-old Katie Ledecky could still be adding to an already-impressive medal haul in her career. The center is estimated to cost about $123 million and will be paid for by public funds.

Paris also has a planned $1.44 billion Olympic Village that will be located near the River Seine. Los Angeles saved itself from any major Olympic Village costs by moving its plans to the dorms and campus at UCLA. Only $33.6 million is listed in Los Angeles' budget for Olympic Village costs.

The United States finally lands a Summer Games after failed bids by New York for 2012 and Chicago for 2016. The last American city to host the Summer Games was Atlanta in 1996.

“This is a momentous day for the people of Los Angeles and the United States," Los Angeles Mayor Eric Garcetti said in a USOC release. "For the first time in a generation, we are bringing the Games back to the City of Angels. LA loves the OIympics because the Games have lifted up our city twice before. But to us the Games have always represented an even brighter future and the chance to harness the power of sport and the Olympic Movement again to inspire the next generation – for the next 11 years and beyond.”

Los Angeles last hosted in 1984 but now has 11 years to get ready for it's next big show. Many of the plans for 2028 are the same as they would have been if they were awarded for 2024. LA 2028 also looks to reap the benefits of an estimated $2.2 billion package to get its legacy plans started. A majority of Los Angeles residents appear to be in favor of host the 2028 Olympics after an independent poll by Loyola-Marymount showed an 83% approval rating.