Several country representatives are already eyeing the islands for their training spot, said Mark Zeug, president of the private sports organization Hawaii Pacific Sports Inc.
But the state can forget about reaping much economic benefits if it doesn't find state funding to prove Hawaii is a capable spot.
Hawaii is in the perfect location for the teams going to winter Olympic games in Nagano, Japan in 1998 and the summer games in Sydney in the year 2000, he said.
"Hawaii could get out of its current economic slump, but we've got to start getting pro-active," Zeug said yesterday. "(The Olympics) is handing us an opportunity -- the Olympics coming to the Pacific twice."
By spending $1 million over the next two years on various Olympic activities, the estimated economic impact would be $17 million, said Les Keiter, chairman of Hawaii Pacific Sports.
Lawmakers in the House Tourism Committee say they like the idea, but money looks bleak. They suggested that members of the private sector that would benefit from such events raise the money.
Rep. Mike White (D, Lahaina) noted that the economic impact of the Olympics would be along the same lines as the NFL Pro Bowl and Hawaiian Open and the Ironman Triathlon.
"It has strong support," said House Tourism Chairman Romy Cachola (D, Kalihi Kai).
The House Finance Committee will take up the financial part of the issue next.
The state Department of Business, Economic Development and Tourism is supporting the appropriation of $400,000 from the Legislature this year.
Part of it would promote Honolulu as the host city for the Association of National Olympic Committees in 1998.
"But I don't know where we're going to find the money," said Brad Mossman, deputy director of DBEDT. Lawmakers have asked DBEDT and all other state agencies to cut 8 percent from their budget in preparation for the projected $257 million less in tax revenues over the next two years.
If Hawaii does become the host city for Olympic committees, the committee members would see that Hawaii could be a prime training spot, said Zeug, who said he has spent more than $20,000 in the last four years promoting Hawaii in the sports industry.
The Olympics would bring millions of dollars in revenues and media exposure, he said.
Zeug also wants to develop plans to make Hawaii the host of the "Welcome Home" celebration for the U.S. Olympic Team.