2010Bid Park

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Published on April 30, 2008

Author: Regina1

Source: authorstream.com

INVESTING IN THE 2010 WINTER OLYMPICS IS A GOOD DEAL :  INVESTING IN THE 2010 WINTER OLYMPICS IS A GOOD DEAL Dave Park Assistant Managing Director and Chief Economist The Vancouver Board of Trade INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL:  INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL Investing in the 2010 Winter Olympics is a good deal for Vancouver, for British Columbia, and for Canada. INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL:  INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL As in the past several Olympics, the 2010 Olympic Games operating costs will be met by revenues from the Games themselves. INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL:  INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL There likely will be a surplus to be placed in a legacy fund for the continuing operation of key Olympic facilities and the development of Olympic athletes in BC. INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL:  INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL The City of Vancouver will not be responsible for the operating costs of the 2010 Olympics – those are guaranteed by the provincial government. INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL:  INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL The Governments of Canada and British Columbia will invest a total of $510 million in games facilities, plus set aside $110 million for ongoing operating costs. INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL:  INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL The federal and provincial governments will share these costs equally, paying $310 million each. INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL:  INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL BC will receive more than that in extra tax revenue from visitors and other sources from outside of the province. Similarly, the federal government will receive more in tax revenues than it invests in the Games. INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL:  INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL The economic impact of the games has been reviewed and confirmed in a wide-ranging, penetrating study undertaken by a well-qualified expert. INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL:  INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL Dr. Michael Tretheway of Inter VISTAS Consulting is highly qualified in this type of analysis and instructs university-level courses that cover economic impact studies. INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL:  INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL It is conservatively estimated that the 2010 Winter Olympic Games held in British Columbia will generate a total of 77,000 person years of extra employment, with an incremental $2.6 billion in wages, salaries and benefits. INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL:  INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL These figures are conservative. The assumptions and methodology used systematically understate the likely impact, to be sure that the results are not an overstatement. INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL:  INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL These impacts will ramp up between 2004 and 2009, peak in 2010, and will be at a much lower but significant level in subsequent years. INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL:  INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL The 2010 Olympics will increase Vancouver’s success rate in bidding for future conventions, and will increase the attendance at conventions in this city over a number of years. INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL:  INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL With those effects included, the projected incremental impact of the 2010 Winter Olympic Games held in Vancouver rises to a total of 100,000 person-years of employment, and $3.4 billion in wages, salaries and benefits. INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL:  INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL The Olympics also will stimulate investment in needed transportation infrastructure, such as improvements to Highway 99 north of Vancouver. INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL:  INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL However, neither the costs of nor the benefits from these improvements have been included in the analysis, since these projects likely would have to be undertaken anyway. INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL:  INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL Overall, the 2010 Games will have a large positive effect on the provincial economy, including substantial employment and employment income. INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL:  INVESTING IN THE 2010 OLYMPICS IS A GOOD DEAL Like Expo 86, the 2010 Winter Olympic Games have the potential for a long-lasting, major positive economic impact on British Columbia.

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