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Olympics impacted by economy

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Old
02-27-2009, 11:36 AM
  #26
Jake16
 
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Quote:
Originally Posted by sticknrink View Post
Olympics never make money, the only one in recent memory is Salt Lake, everyone else took decades to recoup the costs.

Luckily, VANOC and all the infrastructure, including the light rail system is relatively on budget and on schedule. I still don't think the Olympics is worth it as a Vancouver taxpayer.
My understanding was that all recent Olympics made money. (May be wrong) Certainly the 1984 games in LA, the 1996 games in Atlanta and the 2002 Winter Games in Salt Lake did? How did Calgary do in 88?

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02-27-2009, 03:34 PM
  #27
jessebelanger
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calgary was the first one to make a profit

im pretty sure they all have since.

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02-27-2009, 03:39 PM
  #28
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Quote:
Originally Posted by jessebelanger View Post
calgary was the first one to make a profit

im pretty sure they all have since.
LA was before Calgary, not after. Peter Ueberroth cleaned up due to corporate sponsorship and TV rights even without the Russians due to boycott.

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02-27-2009, 04:49 PM
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did a little research, you're right - Calgary is (incorrectly) widely stated to be the first Olympics to post a profit.

This might have something to do with the L.A. games, and the USOC, being privately funded, whereas many other countries olympic committees (and olympic bids) are government run/funded.

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02-27-2009, 07:27 PM
  #30
LadyStanley
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http://www.businessweek.com/globalbi...n_id=rss_daily

Business Week article on the five year count down for Sochi. Money (from financially restricted oligarchs who pledged the funds) is only one concern. There are a number of environment and cultural issues as well. Cut backs in scale/scope on some projects. Pledged spending: 9 billion.

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03-07-2009, 06:17 AM
  #31
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I would use caution when say that any Olympics was/is profitable.

50-70% of the money being spent for Vancouver is not included in the official budget. Projects that would not have been done without the Olympics (ex. highways, transit...etc) and must be completed for them, cost much more than the venues.

Salt Lake, for example, probably had the FBI spending tens of millions of dollars in the months before the Olympics. This would not be included in the security budget. There are a lot of these types of hidden costs associated with the Olympics.

I would take the official budget and at least double or triple it to estimate the true costs.

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06-24-2009, 12:29 AM
  #32
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http://www.ctvolympics.ca/about-vanc...tml?cid=rsstsn
Update on 2010 sponsorships
Quote:
The organizing committee has commitments for 99 per cent of their [Canadian] domestic sponsorship budget.

But with two major sponsors facing financial ruin and others regularly announcing layoffs and cutbacks, speculation persists that the $756.8 million the Games needs won't all materialize.

Organizers insist the money is flowing, and several sponsors held events Tuesday on International Olympic Day to roll out new plans in a show of corporate support for the Games.
...
The International Olympic Committee had set a goal of signing 11 [international] sponsors but remain two short, leaving a $30-million hole in Vancouver's $196.4-million international sponsorship budget.
...
They're also harnessing the power of social media, preparing to launch a competition for a cadre of citizen journalists to use Samsung [an international sponsor] technology to cover the Games using websites like Facebook.

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06-24-2009, 01:14 AM
  #33
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I'm not sure what the Vancouver Olympics have to do with the BOH Forum, but I will say this, at the end of the day, the funds will be there and I suspect it will be a great games, even if the Federal Gov't will require the Bank of Canada to print a few notes -- it's pocket change compared to some of the bailouts for the banks and auto companies in North America and can be justified as a recession stimulus. I don't necessarily agree with it, but the country won't embarrass itself. Non-story really.

On a sad note, although the 25 year old BC Place will be renovated, the new roof and exterior won't be done in time for the games. Thus, the main stadium for the opening and closing ceremonies will look like this:

http://i.pbase.com/u8/theduck/upload...8.IMG_4121.jpg

Instead of this (completed in 2011):

http://www.team1040.ca/contentfiles2...0Rendering.jpg

The renovation of the 60,000 seat stadium won't take place until after the games as I understand due to time constraints. Still, the scenery and venues should be spetacular.

GHOST

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06-24-2009, 10:00 AM
  #34
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Quote:
Originally Posted by GHOSTofMAROONSroad View Post
I'm not sure what the Vancouver Olympics have to do with the BOH Forum
This is the business of *hockey* board, not the business of the NHL. So business related topics that touch any North American or European league along with international competitions should be allowed, no? The Winter Olympics include ice hockey. (Now, discussion of the 2012 London Summer Olympics I can see as something to exclude as they don't include ice hockey.)


I'm not sure I agree that the money will be there. There may be a shortfall and the games run in the red, based on economic factors, and/or the organizers find ways to save on expenses, and/or increase income by raising merchandise prices or something (i.e., adding fees for media to access/use something that may have been "free" before).

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06-25-2009, 01:30 AM
  #35
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Quote:
Originally Posted by LadyStanley View Post
This is the business of *hockey* board, not the business of the NHL. So business related topics that touch any North American or European league along with international competitions should be allowed, no? The Winter Olympics include ice hockey. (Now, discussion of the 2012 London Summer Olympics I can see as something to exclude as they don't include ice hockey.)


I'm not sure I agree that the money will be there. There may be a shortfall and the games run in the red, based on economic factors, and/or the organizers find ways to save on expenses, and/or increase income by raising merchandise prices or something (i.e., adding fees for media to access/use something that may have been "free" before).
I know the stench of the '76 summer games still lingers, but the games are a much different model. Even if they run in the red for Vanco, the province should get extraordinary bang for its buck in upgraded facilities.

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06-25-2009, 01:43 AM
  #36
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The topic has nothing to do with the BOH.

The Olymipic games are sponsored by national gov'ts and the IOC. There are 100 other events besides hockey. In addition, there are no private business interests involved other than the media and sponsors which partner with the gov'ts and IOC.

GHOST

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06-25-2009, 02:39 AM
  #37
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Originally Posted by progoaliemask View Post
I have to say that is a huge economic gamble, especially with taxpayer money. What type of buildings will they be, a townhouse type of complex or hotel style condos? Is that something the area even needs? It really is a tough situation.
The location is South East False Creek (SEFC) and the area is the last major parcel of waterfront. The Athletes' Village is one phase of a much larger development in SEFC.

There will be a range of condos with most of them upscale and some over 4000 sq ft. There will also be some seniors housing and about 100 affordable housing units.

Here are some photos and plans:
http://forum.skyscraperpage.com/showthread.php?t=139393

Also see:
http://vancouver.ca/olympicvillage/about.htm




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Old
06-25-2009, 10:35 AM
  #38
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Originally Posted by GHOSTofMAROONSroad View Post
The topic has nothing to do with the BOH.

The Olymipic games are sponsored by national gov'ts and the IOC. There are 100 other events besides hockey. In addition, there are no private business interests involved other than the media and sponsors which partner with the gov'ts and IOC.

GHOST
First of all, by this definition, the economy has nothing to do with the BOH. Yet we've had discussions on the price of oil as it would affect the Albertan economy, the CAD and USD, and what financial analysts in Paris think of the US dependence on foreign credit...... to name a few.

The Olympics are of interest to hockey fans because NHL'ers participate in the event. Some may also try to use the Olympic organizing committee's success in garnering financial support as a bellwether of the effect of the economic crisis on NHL HRR.

If you, or anyone else here, have any other questions, any of the moderators whom you choose to contact will be more than happy to respond in greater detail to your concerns.

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Old
06-25-2009, 11:28 AM
  #39
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While the Olympics may not make a profit they are still very important for the economy in Vancouver and even Canada... there is at least 1 business that would have completely folded if not for their Olympic contract and that is Kawneer of Canada... even with the Olympic contract they were forced to lay off a large portion of their employees and are just finally starting to be able to hire them back.

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Old
06-26-2009, 12:32 AM
  #40
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http://sports.espn.go.com/espn/blog/...=lebrun_pierre

Olympic rosters (for ice hockey) being cut - no taxi squad. Just 23 players (20 dress for game).

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06-26-2009, 12:37 AM
  #41
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Quote:
Originally Posted by LadyStanley View Post
http://sports.espn.go.com/espn/blog/...=lebrun_pierre

Olympic rosters (for ice hockey) being cut - no taxi squad. Just 23 players (20 dress for game).
It'll be great to see some "ice hockey" at the Olympics.

I will also look forward to the figure skating.

Can't wait.

GHOST

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06-27-2009, 12:41 AM
  #42
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The art of asking Barack Obama to the Olympics

Would having the US President attend the Winter Olympics in Vancouver make the games more successful?

There is a discussion of the topic here:

http://www.vancouversun.com/Business...433/story.html

What are your thoughts?

GHOST

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Old
07-24-2009, 11:29 AM
  #43
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http://www.ctvolympics.ca/about-vanc...tml?cid=rsstsn

Vancouver Olympics Committee has bought up $40m worth of advertising space; 30% is still unsold.

(Olympics prohibits advertising inside venues, so those who are not sponsors, this is the only way to catch attendees eyes.)

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04-16-2010, 06:09 PM
  #44
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http://network.nationalpost.com/NP/b...lion-loss.aspx
Quote:
NBC lost US$223-million on the Winter Olympics in the first quarter.
...
Advertising sales have improved a bit since NBC parent General Electric Co. made that projection [of $250mm loss] in late January.

The Olympics did bring about US$800-million in extra revenue to GE. But NBC had a lot of production and other expenses, including US$820-million just to acquire the rights to carry the Vancouver Games on television and online. That expense was cited as the main culprit for the red ink.

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