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13 Of 15 Olympic Sport Venues To Be Completed And Operational This Year


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VANOC says venues being built on budget and 13 will be ready this year

By Jim Morris, Canadian Press

Published: Thursday, March 15, 2007

VANCOUVER — Construction for the 2010 Winter Olympics is continuing on budget and 13 of the 15 venues will be ready for training and competition for the upcoming season, the Vancouver Olympic Games Organizing Committee says in its quarterly report released Thursday.

The venue construction budget for the Games is $580 million in taxpayers money. That includes the additional $110 million the federal and provincial governments contributed to the project when VANOC realized it couldn’t complete the venues for the original projected cost of $470 million.

The latest report, which covers the period from Nov. 1, 2006 to Jan. 31, 2007, shows VANOC’s revenue from marketing and sponsorship, the International Olympic Committee and other sources was $35.2 million. Expenses were $28.4 million.

Overall, VANOC’s operating revenue since being formed in 2003 is $121.8 million while operating expenses total $121.2 million.

VANOC’s venue development expenditures for the quarter were $59.5 million and now total $242 million since venue construction started.

Venues expected to be completed and ready for use this year include the Whistler Sliding Centre, the Whistler Nordic competition venue, the skiing venue in Whistler, Cypress Mountain, home for snowboard and freestyle skiing, GM Place in Vancouver and Hastings Park, home to figure skating and short-track speed skating.

“We are more than halfway through our venue development program and have allocated less of the venue construction contingency than forecast,” Dan Doyle, VANOC executive vice-president for construction, said in a release.

“We are on schedule, on budget and on target to meet our goals of ensuring early completion.”

VANOC’s next quarterly report, covering the three months ending April 30, 2007, will be available in June 2007.

On Tuesday VANOC said its board of directors had approved the Games business plan. John Furlong, VANOC’s chief executive officer, said he couldn’t be specific about the Games budget because the plan still needs to be approved by the B.C. government and Ottawa.

In the past VANOCc has estimated it will cost $1.7 billion to put on the Games. That expense will be covered by sponsorships, TV revenues, ticket and souvenir sales.

Those figures do not include the $580 million to build the competition venues.

© Canadian Press 2007

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Vancouver 2010 reports strong quarterly results for Nov ’06 – Jan ’07: Completion of field of play for 13 of 15 sport disciplines expected by year end

March 15, 2007 | VANOC News Release

With the release of its quarterly results for the period of November 2006 through end of January 2007, the Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC) provided a summary of major activity to date and a look ahead to the 2007 construction season. VANOC also reconfirmed its goal of ensuring that athletes and officials in thirteen of fifteen sport disciplines will have access to their venues for training and competition during the 2007/2008 season.

The latest quarterly financial report released today, which covers the period of November 1, 2006 to January 31, 2007, highlights the significant venue construction activity completed in 2006. It also confirms that the venue development budget remains at $580 million and that the venues will be completed to allow athletes ample time to train and compete on the venues before the Games.

“Our project is literally rising from the ground,” said John Furlong, VANOC chief executive officer. “With venues under construction, rapid growth on our team, and a sponsorship program that continues to attract some of Canada’s best corporate partners, we are feeling very confident entering the second half of our project. The approval of our business plan and budget by our Board of Directors this week is a sound endorsement and we now look forward to the review and approval by the Government of Canada and the Province of British Columbia and its subsequent release to the public.”

Venues for thirteen of fifteen sport disciplines will be ready for training and competition by the end of this year, including:

- Whistler Sliding Centre (bobsleigh, luge, skeleton)

- Whistler Nordic competition venue (biathlon, ski jump and cross-country skiing, Nordic combined)

- Whistler Alpine venue (alpine skiing)

- Cypress Mountain (snowboard and freestyle skiing)

- General Motors Place (ice hockey)

- Hastings Park (figure skating and short track speed skating)

As anticipated and planned, VANOC has started to allocate funds within the venue development central contingency budget. The overall venue development budget remains unchanged at $580 million including contingency. The report notes $11.5 million from the original $66.8 million venue development contingency has been allocated to certain venues and the current contingency of $55.3 million is appropriate for the remaining commitments and risks.

“We are more than half way through our venue development program and have allocated less of the venue construction contingency than forecast,” said Dan Doyle, VANOC executive vice president, construction. “We are on schedule, on budget and on target to meet our goals of ensuring early completion, reducing complexity, and providing access to athletes while maximizing our testing opportunities.”

The quarterly report, available at vancouver2010.com, includes unaudited interim financial statements for the three months ended January 31, 2007.

VANOC’s revenue (deferred operating revenue) from marketing and sponsorship, the International Olympic Committee and other sources for the quarter ending January 31, 2007 was $35.2 million while expenses (deferred operating expenditures) were $28.4 million. Overall, operating revenue since VANOC was formed in 2003 totals $121.8 million while operating expenses total $121.2 million. In accordance with Canadian generally accepted accounting principles, due to the extended business cycle of preparing for the Games, all revenues and expenses are deferred until the commencement of the Games.

VANOC’s venue development expenditures for the quarter were $59.5 million and now total $242.0 million since venue construction started.

VANOC’s next quarterly report, covering the three months ending April 30, 2007 will be available in June 2007.

VANOC is responsible for the planning, organizing, financing and staging of the XXI Olympic Winter Games and the X Paralympic Winter Games in 2010. The 2010 Olympic Winter Games will be staged in Vancouver and Whistler from February 12 to 28, 2010. Vancouver and Whistler will host the Paralympic Winter Games from March 12 to 21, 2010.

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Glad to hear this news. We won't have another Athens or Torino here rushing things last minute.

Well, it's possible the Vancouver Olympic Village might be a last minute rush. It's already 7 months behind schedule, making them move the completion date from January 2009 to Fall 2009.

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But then you have to see our Olympic Village is a pretty ambitious project. It's not like building temporary buildings, it's building a city of condos.

i know. it even has its own waste wood burning plant. :lol:

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VANCOUVER VENUES

General Motors Place (ice hockey)

- construction type: renovations

- completion: finished

Hillcrest/Nat Bailey Stadium Park (curling)

- construction type: new

- completion: fall 2008

Pacific Coliseum (figure skating, short-track)

- construction type: renovations

- completion: fall 2007

UBC Winter Sports Centre (ice hockey)

- construction type: new

- completion: spring 2008

Richmond Oval (speed skating)

- construction type: new

- completion: fall 2008

Cypress Mountain (freestyle skiing, snowboard)

- construction type: renovations (additions)

- completion: fall 2007

WHISTLER VENUES

Whistler Creekside (alpine skiing)

- construction type: renovations

- completion: fall 2007

Whistler Nordic Centre (biathlon, cross-country, nordic combined, ski jumping)

- construction type: new

- completion: fall 2007

Whistler Sliding Centre (bobsleigh, luge, skeleton)

- construction type: new

- completion: December 2007

PRACTICE VENUES

Trout Lake Arena (practice short-track)

- construction type: new

- completion: July 2009

Killarney Ice Rink

- construction type: new

- completion: 2009

OTHER

Vancouver Olympic Village (2,500 athletes)

- completion: fall 2009

Whistler Olympic Village (2,400 athletes)

- completion: summer 2009

Vancouver Convention & Exhibition Centre Expansion & Renovation Project (Main Media Centre: IBC/MPC)

- completion: 2008

Mountain Media Centre (Whistler)

- construction type: minor renovations

- completion: finished

Canada Line (Rapid Transit Rail from Downtown Vancouver to Richmond City Centre/Vancouver Airport)

- 19 km and 16 stations

- completion: November 29, 2009

Sea-to-Sky Highway Improvement Project

- links Vancouver and Whistler

- completion: late 2008/early 2009

Vancouver International Airport

- new terminal Link Building (completion: summer 2007)

- expanded international terminal phase I: (completion: finished with 4 additional gates)

- expanded international terminal phase II: (completion: early-2009 with 5 additional gates)

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