It has been a 40-year wait but Los Angeles may be hosting another Summer Olympics in the next decade. Today, the L.A. City Council took a big step towards making that a reality. In a unanimous 15-0 vote Tuesday, the council and Mayor Eric Garcetti said Yes to making a bid to secure the 2024 Olympic and Paralympic Games for the home of Hollywood. “We all know the next two years are about fleshing out the details, but this is in our DNA,” Garcetti said after the vote this morning. “We know how to do Olympics, we know how to do them well.”

la24 logoAnd, with Casey Wasserman in charge of the LA24 committee for the bid, Hollywood is expected to get strongly behind bringing L.A. its first Olympics since 1984. “All of the studio are on-board and willing to offer their support and expertise to the bid and the games,” a studio exec told me today. More details of next steps in the bid are expected later today in a press conference with the Mayor, Wasserman and others. NBCU’s Ron Meyer is expected to attend.

Another source of strength for the 2024 bid is expect to come from NBC. The network holds the broadcast right to the Olympics up until 2032 and has indicated a L.A. games would be time zone friendly and a potential ratings giant. Additionally, the LA24 committee has proposed the Universal lot as the potential location of the media center for the 2024 games. If successful, the wide spread L.A. 2024 bid would be the first U.S. summer games since the Atlanta Olympics of 1996.

unnamed-1With Paris and Rome among its international rivals, L.A. moved into the top spot to be the US bid city for the 2024 games when Boston dropped out earlier this year. While a number of council members and interest groups expressed concern over the cost, financial and cultural, of bringing the games to L.A, recent testimony from city attorneys that the City of Angels would not be overly exposed for the cost of the games seemed to placate concerned groups. This allowed the city to have today’s vote ahead of the September 15 deadline for potential host cities to officially be submitted.

The committee manning the bid says the games may actually make money if all goes to plan. LA24 says that the 2024 games will cost about $4.6 billion with revenues of $4.8 billion. The International Olympic Committee will put up $1.5 billion with the rest coming from sponsorships and ticket sales. Sponsorship was of course one of the innovations of the 1984 Olympics that saw those games in the profit column.

Private contributions of approxmently $1.7 billion are additionally budgeted into the 2024 games in LA for renos to the Memorial Coliseum, which was recently one of the venues of the highly successful Special Olympics, and to build an Olympic Village facility for the visiting athletes.

The first time L.A. hosted the Olympics was back in 1932.