Quote:
Originally Posted by Frequitude
This is a beautifully constructed piece of information.
However I see a different conclusion. The Calgary Olympics did make money. I equate making money with operating revenue. Basic rules for accounting does for the most part as well. Go check out any company's income statement. You won't find capital investments on there. You will find depreciation, which I guess is one thing technically missing from saying that '88 generated a $32M profit.
The '88 Olympics made a profit and spurred a $405M capital investment.
There is no debating that unless you want to get picky (e.g. depreciation). The only thing that should be up for debate is whether that $504M capital investment was a sound investment.
|
I guess in your point of view, assuming all the facilities were well worth investments for the future of the City/province, the Olympics made $68.5 mill ( [facilities costs + net profit] - [ Federal/Provincial/City money + Other Federal Activities])?
The problem with Olympics 2.0 here is, if we can't refurbish what we have, will we gain as much as we have existing facilities i.e. the Olympic oval and Nordic center may not be up to Olympic snuff (I have no idea) but they are infinity better then nothing which was here prior to 88 (we have less to gain as our starting point is higher).
Personally, I am not sure where I fall. I am OK with the money the city is spending on this so far, and hope for detail public reports.