Chicago was eliminated as a potential host of the 2016 Olympics. There will certainly be a lot of press focusing on this as a disappointment. However, I think there is probably a fairly large contingency which will welcome this news.
As a competitive runner, I would love to go watch the world's best distance runners duke it out a few hours away. Maybe even watch an American (Dathan) take the lead in the 5k late in race like Bob Kennedy did in Atlanta. Being able to witness this in person would be a great thrill.
However, the downside to Chicago hosting The Games would be a large portion of the shore would be lost to all of the different water sports. I would imagine a large number of slips would have to vacate prior to and during the games. Both for practical space reasons, as well as security. With Chicago not getting the bid, boat owners can sleep a little easier about not having to find a slip space. Workers in the marine industry near Chicago now have a little less to worry about as their work will not be moved away from them.