This was the situation for Vancouver, who had the honor of having the first Olympics Games in the height of the most latest global recession
For Vancouver, having the 2010 Winter Olympics Games cost around $6 billion (an estimate) and records have shown that for Canada, having the Olympics could either be a good thing or a curse. Canada has seen its previous host cities see millions in returns on its investment, as well as losses.
Canada found themselves in debt for about 30 years after the 1976 Montreal Summer Olympics. The debts rocketed up to $1 billion; it wasn’t until December 2006 that the cost of the Olympic Stadium was paid off.
After the 1976 Montreal Games suffered such massive financial losses, in 1984 only Los Angeles and New York showed any interest of hosting the Games.
Nevertheless, Calgary turned what was the priciest Winter Olympics at that time ($1 billion), into a financial accomplishment by protected unprecedented $430 million in television rights. By the end, the coordinator had made $130 million profit.
When it was declare that Vancouver would be having the 2010 Olympics, eye browser were raised when the news came about. Questions were asked whether the city would be able to do so, particularly after the fact that it took decades to pay off the Montreal Games.
However, Vancouver managed to raise $5.7 billion to put on the event by fund-raising... and the section is hoping to see the payback.
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