Vancouver Games come in on budget - Macleans.ca

Vancouver Games come in on budget

VANOC claims it slashed hundreds of millions in expenses to break even

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If last year’s Winter Games had you worried about a looming Olympic-sized bill to pay, rest assured that won’t be the case. VANOC CEO John Furlong confirmed on Friday the Vancouver Games had broken even in spite of the financial difficulties that came with hosting them during a dicey economic climate. “We chopped hundreds of millions of dollars over the life of the project,” Furlong said, noting corporate sponsorships dried up as the economy stalled. “It was very hard on morale for the team, but we did what we had to.” In the end, the provincial and federal governments ended up contributing about $187 million to the $1.9 billion operating budget, not including the cost of building the venues, the Olympic Village, transportation projects and security, which they also covered. Government studies show the Games created 45,000 jobs and generated about $2 billion in real gross domestic product.

CBC News

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