Olympic Hype Wearing Thin in Whistler

[whatnext]

Looks like Whistlerites are finally realizing the 2010 Olympics aren't going to be all they were cracked up to be:

Whistler's Olympic Wipeout

Only a short time ago, criticisms in Whistler over the 2010 Games were rarely heard and quickly silenced. Now, though, with taxes going up and up as if they were on the world's longest ski lift, angry questions are getting louder - and any answers are proving elusive...
http://www.theglobeandmail.com/news/national/whistlers-olympic-wipeout/article1215010/

I'd also heard the hotels were already experiencing "Olympic destination avoidance" for all of next winter.

[mr.x]

^ "Destination avoidance" for hotel bookings unfortunately also happened at Athens and Beijing...same goes for the two previous Winter Games host cities.

I think it's unfortunate for Whistler, but that's what happens when a small town has to prepare for this massive event.

Vancouver won't see any tax burden as it has a rather large population to support the event. Not to mention, the largest Winter Games host city in history. And we also have the province and feds supporting the brunt of it. This certainly won't turn into a Montreal, the finances for 2010 are much better....not just on the Canadian Olympic host city scale, but on the global Olympic host city scale. Vancouver has done wonderfully compared to previous host cities.

I do hope/think things will turn around for the better for Whistler after 2010. As for things like the ski jump and luge run, since when do recreational facilities ever "break even"? I'm quite sure all of the parks and community centres Vancouver has built over the decades will never, ever break even.

[Yume-sama]

Does this mean rooms at the Fairmont won't go from $350 a night in the Summer to $3000 a night for the same room this Winter?

Yeah... probably not. These people could probably all be completely empty and still profit off of 2010 Olympics with the money they were charging for rooms in February.

All of which happen to be sold out...

[WBC]

Originally Posted by mr.x

^ "Destination avoidance" for hotel bookings unfortunately also happened at Athens and Beijing...same goes for the two previous Winter Games host cities.

Vancouver won't see any tax burden as it has a rather large population to support the event. Not to mention, the largest Winter Games host city in history. And we also have the province and feds supporting the brunt of it. This certainly won't turn into a Montreal, the finances for 2010 are much better....not just on the Canadian Olympic host city scale, but on the global Olympic host city scale. Vancouver has done wonderfully compared to previous host cities.

Doesn't Vancouver need to sell all those Olympic village condos at a hefty price in order to avoid ending up with debt? And In general I hope that there are no nasty financial surprises that the city didn't "forget" to tell us about that may bubble up to the surface after the closing ceremony...

[mr.x]

Originally Posted by WBC

Doesn't Vancouver need to sell all those Olympic village condos at a hefty price in order to avoid ending up with debt? And In general I hope that there are no nasty financial surprises that the city didn't "forget" to tell us about that may bubble up to the surface after the closing ceremony...

I believe that if the Olympic Village goes under, it'll be taken out of the massive ~$1.4-billion reserve fund we have and not tax dollars. Odds are, it will probably run under millions but not the hundreds of millions that was falsely speculated by the media.

I mean, I'm sure all that negative reporting by Canwest helped kill quite a few sales.

[johnjimbc]

Yeah, it didn't work too well when they tried to sell off portions of Montreal Olympic Stadium. It ended up taking them 30 years to pay it off since there were no takers, right?

Oh, wait, this is a little different . There is actually a viable way to recover costs. Vancouver gains something valuable as well, a former industrial area transformed into a new neighborhood, which will serve as the heart of an area for even more residences and investment in the future.

Yes, it is possible the sales won't entirely cover the entire costs; but who honestly thinks there will be absolutely NO value to the real estate properties on the shores of False Creek after the Games? Show of hands, so to speak.

Also, the fact the facilities being built will become community centers and athletic centers afterward means those "costs" create capital improvements with lasting value to the communities. And those costs were shared by several municipalities since facilities were built in several different areas.

People will have their opinion either way. Those that think the Games have been too costly are going to believe that no matter what the ultimate circumstances. Those that think they are worthwhile will feel that way regardless.

But so far, the arguments I see against them tend to be rather vague, more fearful than factual.

[crazyjoeda]

There seems to be a lot of speculation about potential problems with the Olympics. Everything from the budget, not enough security, police state, protests, weather, traffic, you name it people will speculate. Hosting the Olympic games has its ups and downs, but come March 2010 we will know if it was worth it. The reality is that VANOC is doing an amazing job and have had very few of the problems that have plagued other Olympic cities. Vancouver is ready for 2010 and we will be a model for future Olympic host cities.

[mr.x]

^ not to mention we're hosting these Games during a recession, yet we're still doing alright. Without the recession, there's no doubt Vancouver 2010 would have been the most successful Winter Olympics in history and that's where we were headed before the market crashed.