How much will the Olympics help BC?

[Vancouverite]

Yes, it will bring in tourists, which would boost the economy, but the world is just coming out of a recession, and the recovery is a jobless one, so I'm not sure the province would see as much of a boost as it has been hoping. And, when I think of the cost overruns, I wonder if it's really worth it.

[M.Dancer]

Don't wonder, it won't.

[Shady]

Don't wonder, it won't.

If it's run properly, it'll do well, and so will BC. Perhaps they should be looking for some leadership?

In 1999, before Romney was hired, the event was running $379 million short of its revenue benchmarks. Plans were being made to scale back the games to compensate for the fiscal crisis.[30] The Games were also damaged by allegations of bribery involving top officials, including then Salt Lake Olympic Committee (SLOC) President and CEO Frank Joklik. Joklik and SLOC vice president Dave Johnson were forced to resign.[31]

On February 11, 1999, Romney was hired as the new president and CEO of the Salt Lake Organizing Committee.[32] Romney revamped the organization's leadership and policies, organized 23,000 volunteers, reduced budgets, and boosted fund raising. He also worked to ensure the safety of the Games following the terrorist attacks of September 11, 2001 by coordinating a $300 million security budget.[33] Despite the initial fiscal shortfall, the Games ended up clearing a profit of $100 million, not counting the $224.5 million in security costs contributed by outside sources. Romney holds the record for most private money raised by any individual for the Winter Olympics.

Link

[bush_cheney2004]

If it's run properly, it'll do well, and so will BC. Perhaps they should be looking for some leadership?

In 1999, before Romney was hired,

Romney is busy right now.....besides...he's a Yankee Doodle Dandy.

[politicslvr]

I think its important to recognize the economic boost BC will experience not only during the game itself (which is a very narrow view), but for decades after as well. The new infrastructure, facilities and expansion of tourist destinations (especially in Whistler) will continue to attract tourists and revenues for a long time into the future.

[Michael Hardner]

It sounds impressive, but how do you compute a $100 million profit for the games. By whom ?

[Wild Bill]

This link might be interesting:

http://network.nationalpost.com/np/blogs/fullcomment/archive/2009/01/13/national-post-editorial-board-vancouver-s-very-own-olympic-debt-debacle.aspx

"National Post editorial board: Vancouver's very own Olympic debt debacle

Posted: January 13, 2009, 8:00 AM by Kelly McParland

Editorial, Full Comment

Jean Drapeau, the Montreal mayor who brought Expo ’67 and the 1976 Summer Olympics to his city, once famously boasted, "The Olympics can no more have a deficit than a man can have a baby." How about two babies? Only last year did Montreal pay off the final instalment of its Olympic debt — more than 30 years after the event. And as details of Vancouver’s fiscal fiasco for hosting the 2010 Winter Games trickle out, it’s easy to see how that city’s taxpayers could still be paying in 2040."

This seems to be the usual story about Olympic debt. If it took 30 years for Montreal to pay things off what would make Vancouver any different?

[Shady]

This seems to be the usual story about Olympic debt. If it took 30 years for Montreal to pay things off what would make Vancouver any different?

If it's run as poorly as Montreal was, then it won't be much different at all.

[ToadBrother]

I think its important to recognize the economic boost BC will experience not only during the game itself (which is a very narrow view), but for decades after as well. The new infrastructure, facilities and expansion of tourist destinations (especially in Whistler) will continue to attract tourists and revenues for a long time into the future.

The economic boost will happen in the Lower Mainland. The rest of the province will see little or no benefit. In fact, even when the economy was still cooking, the Olympics were kicking other areas of the province in the nards by basically creating a shortage of tradesmen.

[ToadBrother]

If it's run as poorly as Montreal was, then it won't be much different at all.

It's not even an issue of being run poorly. It will happen while we're still in the throes of a major economic downturn, which means any tourism spin off will be dampened, and all the promised benefits to other parts of the province (which were always a bit of B.S. anyways) will be far far less.

[Wilber]

Time will tell if it has the same effect as EXPO 86 which turned out to be huge for the lower mainland.

[August1991]

Yes, it will bring in tourists, which would boost the economy...

If people come to your home and eat your food, how is that good for you? Well, if they pay for the food, you benefit. If you pay for the food, they benefit.

Then again, if I owned a restaurant in Vancouver, I would certainly want others to pay for foreigners to come to Vancouver. I'm happy. The foreigners are happy. BC taxpayers are proud to give their money to other people. Win-win-win.

Should we measure such things in such a way? Well, I prefer artistic endeavours rather than sports.