[News] Updated cost for Calgary to host the 2026 Olympic to be $5.23 billion.

[GordonBlue]

Originally Posted by Ashasx

Haha $5.23 billion and that doesn't even include a new arena? Is this serious?

What an absolute embarrassing waste of time and money.

embarrassing is right. an "upgraded" MacMahon. that's a look to show the world. lol

good times for the IOC are over.

and I also think that their 600 million estimate for security is a poor estimate. I predict it would be at least double that.

they say 5.23B, so the actual cost will be about 8 billion?

[Senator Clay Davis]

Originally Posted by GordonBlue

embarrassing is right. an "upgraded" MacMahon. that's a look to show the world. lol

good times for the IOC are over.

and I also think that their 600 million estimate for security is a poor estimate. I predict it would be at least double that.

they say 5.23B, so the actual cost will be about 8 billion?

Don't forget the guaranteed 20% cost overruns. When all is said and done, if this disgrace somehow happens, it'll still be around $10 billion, with really nothing good long term. They've lost the PR battle today, they should do the right thing and scrap the plebiscite and the bid.

[Muta]

Originally Posted by Ozy_Flame

With the IOC kicking in 2.23, Assume the Flames kick in 200 mil, and public spending kicks in 3B, the City would be spending in the neighborhood of $750 million to get new facilities for the Stamps and Flames, a new field house, a new mid-sized arena, a dearth of upgrades to existing buildings, and likely a spike in immediate and long-term tourist dollar spending.

That's what I like about the bid. At the end of the day if we get a new arena, stadium, a new mid-sized arena by the university, a field house, upgrades to the Oval and COP, and tourism growth for $750M, you'd be nuts to not see that as a win. Plus, this is our chance to get federal funding, which never happens since they usually ignore the #### out of us!

In addition, new facilities means that we can host other world-class events here post-Olympics, including world championships, concerts, etc. The Nordic Centre is being upgraded immediately for this reason alone.

[TheIronMaiden]

Infrastructure and advertising for enduring tourism are the only tangible outcomes from the Olympics. This bid looks like it will be offering neither.

[Lanny_McDonald]

And you thought CalgaryNext was a half-baked idea? I don't know why anyone would get behind this concept.

[GordonBlue]

Originally Posted by Incogneto

Just so everyone understands the breakdown, $5.3B = $3B paid by three forms of govt.

This has not been broken down yet, but it is believed to be 50% federal ($1.5B), 25-25 Prov-City, meaning Calgary residents are on the hook for $750M.

This $750M cost would mean improvements to McMahon, The Oval, Winsport, etc, along with a new field house and rink to replace the Corral.
(ETA: Much of these improvements are going to be done anyway.)

$750M between 1M residents, over a 10 year span (2019-2029) would be $75 per person per year.

Is the Olympics worth $75 a year to you?

well, the people of Calgary also pay provincial and federal taxes. that will ad a smidgen to the total

and do you really believe that an Olympics will be brought in on budget, especially with only 600million budgeted for security?

I'm sure the people of Calgary will have to cover part of the 2 billion or more it will go over.

[CorsiHockeyLeague]

Originally Posted by JBR

I remain a yes. There was never any chance that a new arena or stadium would be included in the deal. BIDCO said this from the beginning. Not sure why some people seem shocked over this. The arena will get done, separately from the bid.

... Why would you not include those things in the bid and get provincial and federal dollars to pay for part of them?

[dieHARDflameZ]

A big no thanks from me. The city won't negotiate on a new arena deal that could benefit the city for a number of decades but they'll spend billions of dollars on two weeks of the Olympics.

Don't get me wrong, I love the Olympics but that is an absurd price tag.

[RM14]

Originally Posted by dieHARDflameZ

A big no thanks from me. The city won't negotiate on a new arena deal that could benefit the city for a number of decades but they'll spend billions of dollars on two weeks of the Olympics.

Don't get me wrong, I love the Olympics but that is an absurd price tag.

But... the city is currently negotiating for the arena. They have a committee and everything.

[Bunk]

I would bet the arena deal will get done, and it'll just become part of the games, should we host.

[Incogneto]

Originally Posted by GordonBlue

well, the people of Calgary also pay provincial and federal taxes. that will ad a smidgen to the total

and do you really believe that an Olympics will be brought in on budget, especially with only 600million budgeted for security?

I'm sure the people of Calgary will have to cover part of the 2 billion or more it will go over.

$910M. $600M for security, and $310M for Local Enforcement (also security).

It was stated that it was lower because A) Vancouver was HIGH because of a coastline to protect, and B) They were also during the Afghanastan war, which caused higher risks.

Anyone know the cost of security for Korea?

[Incogneto]

HOW DO PEOPLE NOT UNDERSTAND THAT THIS INCLUDES THE ARENA WHEN YOU LOOK CLOSELY?!?!?!?!

See post #74 : https://forum.calgarypuck.com/showpo...3&postcount=74

[Incogneto]

I am guessing that if you asked the The Flames if they liked this bid, they would be 100% for it. This bid shown this morning says that a new arena will be funded. Its all there.

[JBR]

Originally Posted by GordonBlue

and I also think that their 600 million estimate for security is a poor estimate. I predict it would be at least double that.

they say 5.23B, so the actual cost will be about 8 billion?

Double? What is your math and reasoning for this.. or is it just a guess?

Secondly, who are ‘they’?

[Buck Murdock]

Especially the fact that our property taxes will already be 50% higher by then without the Olympics.....If we had to cover an additional 3 billion they would be astronomical.

[JBR]

Originally Posted by Buck Murdock

Especially the fact that our property taxes will already be 50% higher by then without the Olympics.....If we had to cover an additional 3 billion they would be astronomical.

Read the report again. It is not costing the city $3B

[dieHARDflameZ]

Originally Posted by RM14

But... the city is currently negotiating for the arena. They have a committee and everything.

Do you actually believe this? Rumours out there are that it's been dead silence for a while now.

[Bunk]

Originally Posted by GirlySports

in comparison Pyeongchang spent $13 billion on the more recent games and didn't even make half of that back.

A lot of that was building basically an entire resort area and all the infrastructure for people to get there. It's a pretty big permanent thing for a country. A 16 day revenue stream is not going to fully pay back something that will be used for generations. That's part of the difficulty in the accounting of Games.

[Aleks]

Originally Posted by Incogneto

HOW DO PEOPLE NOT UNDERSTAND THAT THIS INCLUDES THE ARENA WHEN YOU LOOK CLOSELY?!?!?!?!

See post #74 : https://forum.calgarypuck.com/showpo...3&postcount=74

You're misreading. That's a medium venue, something for figure skating more than likely. 5000 seats is only 1000 more than the Winsport A. This has nothing to do with an NHL rink

[Incogneto]

Originally Posted by Buck Murdock

Especially the fact that our property taxes will already be 50% higher by then without the Olympics.....If we had to cover an additional 3 billion they would be astronomical.

You don't, and no they won't.

It's $750M over 10 years. $75 per person, per year.