With news that London has won the right to stage the 2012 Olympics, Cardiff can also celebrate with eight football matches due to be staged at the Millennium Stadium.
Mill Stad chief executive Paul Sergeant said: "After watching London's incredible presentation this morning, I was in no doubt that London would pull it off.
"It was a fantastic presentation delivered brilliantly by Lord Coe and his team and showed a huge amount of heart and passion which is what the Olympics are all about.
"We at the Millennium Stadium, Cardiff and Wales are thrilled that we will play a part in the staging of the Olympics and I am sure everyone in Wales will echo that. We backed the bid and now we will back its total success."
With talks that even rugby could be added to the list of Olympic sports before 2012 there is a possibility that Wales could yet play a further part in the Olympics in seven years' time.
Welsh Rugby Union chief executive David Moffett said: "The Millennium Stadium is ready, willing and able to play whatever part you require to stage the Games. The whole of Wales is backing us and, therefore, you.
"I look forward to meeting up with you in the very near future and learning what plans you have in store for preparing the way for 2012. Congratulations and thank you!"
The Games will further highlight our capital city and south Wales as teams from across the world compete in the Olympics, which is sure to generate even more money and exposure.