Vancouver 2010

Vancouver 2010

March 15, 2007 13:58 ET

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

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 15, 2007) - 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, Nordic combined)

- Whistler Alpine venue (alpine)

- Cypress Mountain (snowboard and freestyle)

- General Motors Place (hockey)

- Hastings Park (figure skating and short track)

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, 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.

Contact Information

  • Vancouver 2010
    Chris Brumwell
    Media Contact
    (778) 328-6269
    Vancouver 2010
    Mary Fraser
    Media Contact
    (778) 328-3667