Maryland has thrown its hat in the ring to bring the 2024 Summer Olympic Games to the area, the Gazette reports.

Though hosting the event would provide a multibillion-dollar economic boost, it would also bring the challenges that come with building an Olympic stadium.

However, Dan Knise, who led a previous bid to bring the 2012 Summer Games to Maryland, told the Gazette that the region has an edge due to already existing facilities like M&T Bank Stadium, Oriole Park, FedEx Field and the Navy-Marine Corps Memorial Stadium.

Bidding for the 2024 games officially begins in 2015 and will be announced in 2017. 

Knise, who also serves as president and CEO of the Washington-Baltimore 2012 Regional Coalition, told The Baltimore Sun he is optimistic about the venture.

A 2000 study showed that if Maryland's 2012 bid had been successful, the Olympics would then have cost about $2 billion but had an economic impact of $5.3 billion, in addition to creating about 70,000 temporary jobs, The Sun reported.

David Warchawski, a Baltimore public relations executive, told the paper he thinks the area is “well-poised to put on a strong bid.”

"We do incredibly well when stacked up against other regions," Warchawski, who also participated in the 2012 bid, was quoted as saying. "Yes, we would have to build, but we are so much further along than other cities. Baltimore and Washington are well-versed in handling security and high-value personalities.”

How would the Maryland-D.C. area be affected by hosting the 2024 Olympic Games? Would you support a bid?