The figures revealed that the organising committee, VANOC, spent US$1.86 billion to stage the Games. The original budget was $1.61 billion, but costs increased over the three years before the Games.
During the first quarter of 2010, hotel revenues were $128 million higher than they would normally have been in Vancouver and Whistler at that time of year, and revenue from restaurants and bars was up $127 million over the same period.
“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,” stated John Furlong, chief executive of VANOC. “It is a key result we committed to and, through a true team effort, we have achieved it under some very challenging circumstances.”
VANOC stated that 91% of revenues came from corporate sources, but taxpayers also helped to support the Games with both the provincial and federal governments providing financial assistance in the months before the Olympics. The International Olympic Committee also pledged to cover any budget deficit.
The financial report was released on Friday just hours after a Canadian government report showed that the Games have so far generated as much as $2.5 billion for British Columbia. The PricewaterhouseCoopers study stated that the first three months of 2010 alone saw more than $851 million invested into the provincial economy.
