Olympics: Calgary would need C$2.4 billion to cover Games cost
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[June 20, 2017]
TORONTO (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
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.
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Calgary is pictured at dusk in Alberta, Canada July 13, 2016.
"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
The Committee is scheduled to make its final recommendation to the
city on July 24.
(Reporting by Frank Pingue; Editing by Ian Ransom)
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