Monday, March 01, 2010

Vancouver to Lose $5 Billion on Olympics

City of Vancouver has spent more than $6 Billion on the 2010 Winter Olympics games held there, but the direct and indirect income was not expected to exceed $1 Billion.

Vancouver will not be the first city to be hit by Olympics deficit. $1.5 Billion deficit from the 1976 Montreal Summer Olympics cost 30 years of local residents to pay back.

Even the historically profitable 1996 Summer Olympic in Atalanta left the southern capital with ghost streets and malfunction surveillance cameras that testify for the unhealable wounds from work of accounting genies.

Cities in China, however, always pocket in after holding international conventions, such as the Olympics and World Fairs, mysteriously. For example, Beijing Olympics committee announced last June that they had a pure revenue of $150 Million after holding the 2008 Summer Olympics.

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