VANOC says 2010 Winter Olympics “broke even”
WATCH: More than four years after the 2010 Olympic games in Vancouver, Global News is learning more about the financial outcome in a new report.
More than four years after the 2010 Winter Games in Vancouver, the organizing committee says it has “broken even” financially.
VANOC says “the $1.884 billion operations resulted in neither surplus nor deficit as expenditures were matched by revenues generated.”
As of today, VANOC says there is no debt and the board and organization will be dissolved.
“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,” said John Furlong, VANOC’s Chief Executive Officer.
WATCH: VANOC CEO John Furlong tells Global News what it means to be debt free, four years after the end of the Vancouver Olympic winter games.
Ticket sales were very successful, with over 97 per cent of the 1.54 million tickets available sold.
Operating expenses occurred in the final two years of the games and broke down as follows: services and Games operations: $723.0 million; technology: $452.4 million; sport and Games operations: $288.0 million; revenue, marketing and communications: $167.7 million; workforce and sustainability: $130.0 million; finance: $115.1 million; foreign exchange loss: $8.0 million.