Despite the global recession, Vancouver’s 2010 Games are in the black, organizers said yesterday, thanks to payments from partners and strong ticket sales.
VANOC posted a positive operating cash position of $127 million, spending $106.1 million and taking in $234.8 million, mainly from ticket sales and contributions from the International Olympic Committee.
Dave Cobb, VANOC’s executive vice-president, said he was pleased to be in a positive cash position with only eight months before the start of the Games.
“We are not immune to the issues and challenges posed by the economic downturn,” Cobb said. “The final eight months will be very challenging with the biggest spending quarters ahead of us.”
Economic conditions have made it difficult for potential suppliers to bid on jobs, like supplying food at venues.
The report revealed that VANOC has now spent a total of $665.1 million, or about 38 per cent of their total operating budget.