The Olympics, Dave Wilcox, and ERA

from 3/30 Crain's Business:

L.A. officials say Olympics would bring city $7 billion
March 30, 2007
(AP) —
"Landing the 2016 Olympics would be a financial bonanza for the city of Los Angeles, bringing in more than $7 billion in revenue and creating nearly 70,000 jobs, city officials said Friday.

The revenue would be generated in large part by an estimated 877,000 out-of-town tourists expected to visit Los Angeles during the games and stay at its hotels, dine at its restaurants and go home laden with souvenirs. People would purchase as many as 6.2 million tickets to various Olympic events, according to the report.

"Bringing the games to Los Angeles will mean Olympic gold for every community in our city," Mayor Antonio Villaraigosa said, stating the $7-billion figure twice for emphasis." .........

"According to the firm Economic Research Associates, which prepared the report, bringing the Olympics to Los Angeles would create 67,825 full-time jobs, many of them in the hospitality and transportation industry. Many would remain after the games, officials said, although they didn't give a figure." ....

"The $7-billion revenue figure is a conservative one and is based on 2007 rather than 2016 dollars, said David Wilcox, the report's lead author. He said his company helped prepare financial estimates for such Olympic host cities as Lake Placid, N.Y.; Salt Lake City; Beijing, and Los Angeles in 1984.

The current Los Angeles revenue estimate is more than double the $3 billion the 1984 Olympics brought to the city." .........

for complete article see: http://www.chicagobusiness.com/cgi-bin/news.pl?post_date=2007-03-30&id=24438