Vancouver 2010 Winter Games Broke Even with Budget

December 20, 2010

According to the 2010 Vancouver Winter Olympics organising committee (VANOC), the event broke even in relation to the final budget.

VANOC spent US$1.86 billion to stage the Games which was a significant increase from the original budget of $1.61 billion over the three years in the run up to the Games.

During the first quarter of 2010, hotel revenues were increased by $128 million than normal in Vancouver and Whistler at that time of year with revenue from restaurants and bars up around the same amount for the period.

John Furlong, chief executive of VANOC stated: “The true measure of the 2010 Winter Games is not strictly financial, but a positive financial outcome is something we are very proud of in the story of the Games’ success. It is a key result we committed to and, through a true team effort, we have achieved it under some very challenging circumstances.”

91% of revenues came from corporate sources, but taxpayers also helped to support the Games according to VANOC, with both the provincial and federal governments providing financial assistance in the months leading up to the Olympics. The International Olympic Committee (IOC) also pledged to cover any budget deficit.