2010 Games costs almost double the estimates

[RedHot25]

Well, there it goes...up....and up....and up....

http://www.ctv.ca/servlet/ArticleNew...914?hub=Canada

British Columbia taxpayers are already on the hook for more than double what their provincial government estimated for the 2010 Winter Olympics and the B.C. auditor general says things could get worse.

[Bobblehead]

I have a friend of a friend who has been working on the highway widening to Whistler. He's an engineer, and when he heard the initial time/cost estimate his word were "No way in hell it can get done in time for that money".

[Potty]

I worked for the firm that did the majority of the cost estimates for the 2010 Winter Olympics. The quantity surveyors involved were specifically asked, when they did the estimates in 2002, to price the jobs in 2002 dollars and not account for any escalating factors in the market.

The VANOC knew these overruns would happen, but their only concern was to be awarded the games, not to provide a reasonable cost estimate to taxpayers, as most cities are probably also doing.

The construction industry in Vancouver has been as crazy as Calgary's, and Whistler's labor shortage is much, much worse than anywhere else. When you figure inflation, and the massive increase in construction costs over the past handful of years, these costs aren't very surprising.

[Bertuzzied]

I guess Calgary can step up to the plate to host again when Vancouver goes bankrupt.

[ernie]

These events always come in way over budget. I'm surprised the folks making the budgets don't just double the estimate so they can be correct for once.

[mykalberta]

I was just 8 back when Calgary had the Olympics - what were the cost over runs like then - I have heard it was the first Olympics in a long time to actually make money - anyone have any facts/data on it?

Thanks

MYK

[Canada 02]

Calgary had huge cost overruns but did make money in the end, partly due to a big tv deal (for that time) and the 1000s of volunteers

[Bobblehead]

I think the 84 Summer Olympics run by Peter Uberroth was the first to figure out how to make money.

Isn't Montreal STILL paying for the '76 games?

[Eagle Eye]

Originally Posted by Bobblehead

I think the 84 Summer Olympics run by Peter Uberroth was the first to figure out how to make money.

Isn't Montreal STILL paying for the '76 games?

I heard that they finally paid it off either this year or last

[Bertuzzied]

Originally Posted by Bobblehead

I think the 84 Summer Olympics run by Peter Uberroth was the first to figure out how to make money.

Isn't Montreal STILL paying for the '76 games?

hehehe. the Big Woe appears to have finally been settled. 30 years later!! good luck vancouver.

By the time the last payment is made in 2006, more than $2 billion will have been spent on Montreal's Olympic debt. The total includes $1.4 billion in interest paid as of 2003.

[Hakan]

Calgary's Olympics made money because the government gave CODA a financial backstop of unbudgeted costs and overruns. CODA was allowed to keep all sponsorship and gate receipts which is why they currently have an endowment of over $200 million.

[HOZ]

These 2010 Games Brought To You By.....

Alberta Tranfer Payments :d