Business News Vancouver 2010 winter olympics 21 | Page 6

Costs

In 2004, the operational cost of the 2010 Winter Olympics was estimated to be $1.354 billion. As of mid-2009 it is projected to be $1.76 billion, all raised from non-government sources, primarily through sponsorships and the auction of national broadcasting rights. $580 million is the taxpayer-supported budget to construct or renovate venues throughout Vancouver and Whistler, $200 million was expected to be spent for security, of which the Royal Canadian Mounted Police (RCMP) is the lead agency. That number was later revealed to be in the region of $1 billion, an amount in excess of five times what was originally estimated. As of the start of February 2010, the total cost of the Games, including all the infrastructure improvements for the region that occurred is estimated to be $6 billion, with $600 million of the spending directly related to hosting the games. Projected benefits and revenues to the city and province are projected to be in the range of $10 billion, with a Price-Waterhouse report indicating that the projected direct revenues will be in the range of $1 billion.

Venues

Richmond Olympic Oval: speed skating long track venue.

Some venues, including the Richmond Olympic Oval, are at sea level, a rarity for the Winter Games. The 2010 Games will also be the first—Winter or Summer—to have an Opening Ceremony held indoors. Vancouver, which will be the most populous city ever to hold the Winter Games, will also be the warmest: in February, when the Games will be held, Vancouver has an average temperature of 4.8 °C (40.6 °F).

The opening and closing ceremonies will be held at BC Place Stadium, which received over $150 million in major renovations. Competition venues in Greater Vancouver include the Pacific Coliseum, the Vancouver Olympic/Paralympic Centre, the UBC Winter Sports Centre, the Richmond Olympic Oval and Cypress Mountain. GM Place, home of the NHL's Vancouver Canucks, will play host to ice hockey events, but because corporate sponsorship is not allowed for an Olympic venue, it will be renamed Canada Hockey Place for the duration of the games. Renovations include the removal of advertising from the ice surface and conversion of some seating to