The Flames not being presented with a new arena isn't going to cause Calgarians to leave the city. A Winter Olympics will actually bring people to Calgary and showcase it to people who might not know about how great the city is and its proximity to awesome skiing and the mountains.
I think the failures of the other Winter Olympics have been that they are mostly in places that have no use for the amenities and infrastructure built up for them. Who the hell is going to Soichi again or Pyeongchang for training? Calgary and Vancouver are ideal places because we the Olympic oval, COP, the Canmore Nordic Centre are still well used to this day.
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