[News] UPD: Calgary City Council approves exploratory bid study for 2026 Olympics

[Moneyhands23]

Originally Posted by getbak

$4.6B cost with $2.2B in generated revenue, so it would require $2.4B in additional funding.

http://calgaryherald.com/news/local-...tion-committee

If calgary pulls out there wont be anyone left...

Olympic bids should go to a city twice in 12 years to recoup the costs.

[Northendzone]

hopefully city council comes to their senses and says no - I think this is a very bad idea.

but with any luck I will not be living in calgary in 2026 so as long as nobody cares how the mule got the spinning wheel

[CliffFletcher]

With McDonald's pulling its sponsorship, it's obvious which way the wind is blowing with the Olympics. Security costs going up and up. IOC corruption intractable. Athlete cheating on an unprecedented scale. Declining ratings. Increasingly desperate attempts to attract young audiences.

McDonald's knows a bad bet when it sees one, as do Budweiser, AT&T, and other A-list sponsors who have cut ties with the Games. Let dictatorships and desperate developing countries host these things.

[Muta]

I know it doesn't seem like it to some, but that's relatively low for hosting an Olympic bid in today's expectations. Vancouver was $6.4B, Pyeongchang will cost over $10B, and Sochi cost somewhere around $50B.

I'm personally a fan of hosting these Games, and would like to see it happen, even if some of my taxes go towards it.

[Moneyhands23]

Originally Posted by Muta

I know it doesn't seem like it to some, but that's relatively low for hosting an Olympic bid in today's expectations. Vancouver was $6.4B, Pyeongchang will cost over $10B, and Sochi cost somewhere around $50B.

I'm personally a fan of hosting these Games, and would like to see it happen, even if some of my taxes go towards it.

I think its very poor timing for calgary/alberta to go for an olympic bid. I dont live in Calgary, but I love the city and would hate to see it so "house poor" after the olympics.

Really the olympics should be changed to not bankrupt citys/country's

[Tyler]

Originally Posted by Moneyhands23

I think its very poor timing for calgary/alberta to go for an olympic bid. I dont live in Calgary, but I love the city and would hate to see it so "house poor" after the olympics.

The games aren't for another 9 years.

[Rhettzky]

Originally Posted by Moneyhands23

I think its very poor timing for calgary/alberta to go for an olympic bid. I dont live in Calgary, but I love the city and would hate to see it so "house poor" after the olympics.

Really the olympics should be changed to not bankrupt citys/country's

It would be great timing as it would generate lots of jerbs.

[DJones]

Originally Posted by Moneyhands23

I think its very poor timing for calgary/alberta to go for an olympic bid. I dont live in Calgary, but I love the city and would hate to see it so "house poor" after the olympics.

Really the olympics should be changed to not bankrupt citys/country's

It's not the Oylimpics that is bankrupting nations.

China wanted to show off.

Russia and Brazil used it as a scheme to pillage the nations funds.

They just used the Oylimpics as a facade

[Frequitude]

Originally Posted by getbak

$4.6B cost with $2.2B in generated revenue, so it would require $2.4B in additional funding.

http://calgaryherald.com/news/local-...tion-committee

Two notable additions from the City of Calgary press release:

CBEC’s estimates show operating costs exceeding operating revenues by $425 million.

This is obviously part of the $2.4B shortfall, but I just wanted to point it out since it most closely compares to the '88 boast of turning a profit. Those games did, in fact, turn an operating profit (i.e. a profit excluding infrastructure costs). These games on the other hand are forecasted to generate a $425M operating loss.

The associated economic impacts, according to research undertaken by the Conference Board of Canada and Deloitte LLP, could range between $2.2 to $2.6 billion in contributions to the Gross Domestic Product including approximately $500 million in tax revenues spread through the three levels of government.

There will obviously be much debate about the value of "economic benefit", however its safe to say it is non-zero. Deloitte seems to think it could be in the exact range of the funding shortfall.

The key is what kind of infrastructure we get for $2.4B minus whatever the economic benefits alluded to in the second quote.

Once again stealing GGG's original excellent point, the key is getting infrastructure you want at a fair or discounted price. It is not about turning a profit inclusive of infrastructure costs.

[Enoch Root]

A $425M operating loss could be a good deal if it meant, for instance, the city had received $1B in federal money for infrastructure.

[Scary Eloranta]

1988 was amazing and we didn't even get a gold medal! I'm all in for this - I think Calgary would do another great job.

[Zarley]

There's also the strategic implications with respect to marketing Alberta as a destination that are impossible to quantify.

One key consideration is the Chinese tourism market. Interest in winter sports in China is rapidly increasing and this will be on the heels of Bejing 2022. It could be an excellent opportunity to showcase Calgary and Banff as a destination.

[Frequitude]

Originally Posted by Enoch Root

A $425M operating loss could be a good deal if it meant, for instance, the city had received $1B in federal money for infrastructure.

Hey now, us pro-Olympics folks can't be thinking that way..."fed money is freeeeeee". Even full fed funding is bad idea if we get infrastructure we don't want at an inflated price. Can't be wasting dollars here just for the party.

I wasn't trying to make any point really by calling out the $425M operating loss. Just identifying the parallel to the number we like to hold nearest and dearest about '88 (a ~$100M operating profit).

[Senator Clay Davis]

Federal money for 2026 is not available since it's going to the World Cup co-hosting bid. Province could be $100 billion or more in debt by the time the NDP leave office (coincidentally the year the bid is due). So yeah, basically no shot there's any money for hosting this. I still say don't bid at all, then there's literally zero bids and maybe you can come back and lowball the IOC and get the Olympics for say a billion straight up.

[Bunk]

Was glad to hear the former Vancouver City Manager describing in her presentation, Calgary's process as a best practice. Sounds like we're doing a lot more due dilligence than they did.

[HappyGilmore]

Originally Posted by Senator Clay Davis

Federal money for 2026 is not available since it's going to the World Cup co-hosting bid. Province could be $100 billion or more in debt by the time the NDP leave office (coincidentally the year the bid is due). So yeah, basically no shot there's any money for hosting this. I still say don't bid at all, then there's literally zero bids and maybe you can come back and lowball the IOC and get the Olympics for say a billion straight up.

Wot? Do you think the renovations/new venues will just appear for free what about security cost ? Also free?

[Dirty Mr. Clean]

Colossal waste of money. I would rather back a new arena then the Olympics.

http://www.nobostonolympics.org/why_oppose_the_games

[GGG]

It's tough to see what infrastructure is included but it's probably a billion towards the CalgaryNext type project. The article said 500 million or so on housing which I don't know how much they would have said they will recoup.

Outside of those two pieces and say a 300 million dollar airport LRT connection that is hopefully in there im not sure how much will be in the infrastructure we need category.

I'll wait to go through the actual report but on the face a half billion operating loss and what appears to be a sand bagged security number isn't to promising for me. Need an extra billion from the IOC

[Ducay]

Originally Posted by Zarley

There's also the strategic implications with respect to marketing Alberta as a destination that are impossible to quantify.

One key consideration is the Chinese tourism market. Interest in winter sports in China is rapidly increasing and this will be on the heels of Bejing 2022. It could be an excellent opportunity to showcase Calgary and Banff as a destination.

That is a very valid point. I will add it to the list of reasons to not host the Olympics

[Flamefan1]

100% support for the Olympics.