Los Angeles, CA (My Sportsbook) - The city of Los Angeles announced during a news conference on Wednesday its intentions of hosting the 2016 Summer Olympics.

No other American city has formally proclaimed its desire to become the U.S. Olympic Committee's nominee, although Chicago, Philadelphia, San Francisco and the Baltimore-Washington area are all thought to be interested as well.

The USOC will not decide its bid city until 2007 while the International Olympic Committee will make its official selection in 2009.

An American city has not held the Summer Games since 1996, when Atlanta hosted the festivities, and it is believed that the long gap could help Los Angeles' chances of securing the 2016 Olympics.

In addition, Los Angeles has held the Summer Games twice before in 1932 and 1984 and is the only U.S. city to host a Summer Olympiad more than once.

It will be difficult for LA to receive its third bid, but one thing in the city's advantage is the fact that London was recently awarded the Summer Games for a third time (1908, 1948, 2012).

Los Angeles, though, is certainly an attractive city because of its Olympic tradition, weather and multitude of existing facilities.

"Los Angeles is a city built for the Olympic Games," said Los Angeles mayor Antonio Villaraigosa. "Our world-class sporting venues, international sports fans and history of success make Los Angeles an ideal city to host the Olympics. I am proud to partner with the Southern California Committee for the Olympic Games as we submit Los Angeles' bid for the 2016 Olympic Games."

LA's past Olympic financial success also might help push the city over the top. The 1984 Summer Games, which were privately financed under the guidance of businessman Peter Ueberroth, produced a profit of $235 million.

"We again will be able to host great Games without any cost to local taxpayers," said Barry Sanders, SCCOG chairman. "We also promise a bid that will be distinctive in its approach compared to previous Games."