
Rio topped Madrid in International Olympic Committee voting a few minutes ago to become the 2016 Summer Olympics host. Considered a favorite coming into the vote, held in Copenhagen, Rio bested Madrid in the final round of votes after Chicago was eliminated in the opening round and Tokyo soon after. It was the first time a U.S. city had lost in the first round.
It is also the first time the Olympics will be held in South America, a key ingredient in Rio's status as bid city favorite among International Olympic Committee members.
After the celebrating comes the hard part -- turning around the city's high crime rate, traffic woes and lack of quality hotels for such a massive sporting event seven years from now. Actually, the city has just five years before the crowds descend: Rio also hosts soccer's 2014 World Cup, taking place just two years before the Olympics.
Officials have already expressed concern that the country will have difficulty obtaining sponsors for such huge events just two years apart.
Will the city be ready? Time will tell.