There could be no greater promise than the one Casey Wasserman made to the people of Los Angeles.
Organizers of the 2028 Summer Olympics have vowed to keep the colossal $7 billion international sporting event within budget. No matter how many gold medals the U.S. wins or how high the television ratings are, the Olympics will be considered a failure if it goes over budget or doesn't bring in enough revenue from corporate sponsorships, ticket sales and merchandise sales to cover expenses.
If that happens, Los Angeles will join a long list of Olympic cities with big deficits, for which Wasserman will be held responsible.
“I don't think about success or failure,” he said. “If I worry about what's going to happen next, I lose sight of what I should be doing each day.”
The 49-year-old Los Angeles native, once described by GQ magazine as a “Jewish Tom Cruise,” grew up as the beloved grandson of Hollywood mogul Lew Wasserman and graduated from UCLA in 1996. He founded his own talent marketing firm, which has grown to represent professional athletes including NBA star Klay Thompson, Olympic swimmer Katie Ledecky and baseball slugger Giancarlo Stanton.
In recent years, the company has expanded into the music and entertainment industries, including acquiring Brillstein Entertainment Partners, the management and production company behind shows such as “The Sopranos,” “Just Shoot Me!” and “Newsradio.”
With Garcetti now serving as the U.S. ambassador to India, Wasserman has become the face of the Los Angeles Games.
Wasserman first entered the Olympic world in 2017, when former Mayor Eric Garcetti recruited her to help Los Angeles win the hosting bid. Nicole Horvatz of the International Olympic Committee said the IOC was impressed with Wasserman's “connections” and “ability to understand the most complex issues.” With Garcetti now serving as the U.S. ambassador to India, Wasserman has become the face of the Los Angeles Games.
Critics point to two previous failures: an Arena Football League franchise that was shuttered after nine seasons and a failed attempt to build an NFL stadium downtown.
The stakes are much higher this time, with city and state lawmakers agreeing to act as financial back-up and promising to pay any cost overruns with taxpayer money.
The city has a history of running a surplus of more than $200 million during the 1984 Summer Olympics. This time around, the LA28 organizing committee has already signed on a list of big sponsors and stands to save billions by using existing venues like the Staples Center, SoFi Stadium and the Coliseum.
But in the meantime, many problems could arise, including an economic downturn, natural disasters or a new pandemic.
“The pressure is fun,” Wasserman said. “If this was easy and boring, I'm not sure it would be worth my time.”
This article originally appeared in the Los Angeles Times.
