Olympics-Calgary would need C$2.4 bln to cover Games cost


Reuters

TORONTO, June 19 (Reuters) - Calgary would need C$2.4
billion ($1.81 billion) in funding to cover the shortfall
between revenue and costs if the western Canadian city were to
host the 2026 Winter Olympics, according to a group exploring a
potential bid.
    The Calgary Bid Exploration Committee told the City Council
in a presentation on Monday that C$2.2 billion in revenue from
the Games would offset less than half their C$4.6 billion cost.
    "I am confident when I say that the Board and staff at CBEC
have diligently reviewed all aspects of bidding and hosting a
prospective 2026 Games, and the numbers we are sharing today
accurately represent the current situation," CBEC Chair Rick
Hanson said in a statement.
    The committee said Calgary's funding requirement was reduced
given the 1988 Winter Games host had the ability to re-use
existing venues, rather than build new ones.
    The group said it had included post-Games endowments and
facility operations costs in its budget estimates.
    "One of the things we identified from looking at some prior
Olympic Games was the failure to account for post-Games
operation and maintenance of facilities in their budgets," said
Hanson. "While this adds cost, our Board felt it was a necessary
addition to a prospective budget."
    The Committee is scheduled to make its final recommendation
to the city on July 24.

($1 = 1.3227 Canadian dollars)

 (Reporting by Frank Pingue; Editing by Ian Ransom)
 ((frank.pingue@thomsonreuters.com; +1-416-941-8094; Reuters
Messaging: frank.pingue.thomsonreuters.com@reuters.net))

Keywords: OLYMPICS CALGARY/



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