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Paris to host 2024 Summer Olympics, Los Angeles in 2028

The International Olympic Committee officially announced Wednesday that Los Angeles will host the 2028 Olympics, Sports Illustrated reports. It will be the city's third time hosting the Olympics and the first time the Games have been hosted in the U.S. since Salt Lake City hosted the Winter Olympics in 2002. The last Summer Games to be held in the U.S. were in the 1996 Olympics in Atlanta.

The event is expected to cost Los Angeles $5.3 billion, which city officials claim "will be covered by sponsorships, ticket sales, and other revenue sources," Sports Illustrated writes. The IOC additionally announced Wednesday that Paris will host the 2024 Olympics, also marking the city's third turn as host.