The price of hosting the Los Angeles 2028 Olympics has been revised to US6.88bn – a US$1.36bn increase from the initial cost estimates.

According to the Los Angeles 2028 Olympic Organizing Committee (LAOOC), the hike in cost is mainly down to accounting measures designed to "better reflect inflation" over the long lead-up to the Games.

Independently evaluated by KPMG, the new budget covers the hosting process from start to finish, computed in real dollars to offer a clear picture of financial health over time.

“Our budget is privately funded, realistic and fiscally conservative,” said LA 2028 chair Casey Wasserman.

“We are redefining what it means to host a successful Games and look forward to planning and hosting an amazing experience that will make our community proud.”

The revised cost of US$7bn – while above the original estimation – is still well below that of the most recent Olympic Games.

This is partly down to the LA 2028 Games Plan, which seeks to maximise use of the city’s existing world-class stadiums, training facilities and venue infrastructure.

For comparison, the final cost for London 2012 was around £8.77bn, while the Rio 2016 Games came in at US$13.1bn. Both were well below the estimated £20bn spent on the Beijing 2008 Games, widely believed to be the most costliest in history.