Bingo, I don't think I can accept the approach even though I agree EBITDA is needed to compare to top line revenue.
Only because the approach suggests private owners in Vancouver sunk 200 million with full knowledge of doing so. Doesn't there have to be another explanation? Are they true philanthropists?
Also, isn't Ottawa privately funded? By your calculation, over $400 million. Who spends money on that? It doesn't pass the smell test. There has to be more to explain the figures.
One reason I used top line figures is, that's probably the most reliable estimation Forbes can obtain. Although its interesting they claim EBITDA knowledge. And I would agree in general that EBITDA is as important to the equation as the top line, or even moreso, as it informs real profit or losses.
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