The one-year countdown to the start of the 2010 Winter Olympics in Vancouver, British Columbia, Canada has officially begun. And while teams remain hard at work to get things ready, there is some good news and bad news to report.
First, the good.
In today's economy, with people being laid off left and right, the 2010 Winter Olympics are keeping citizens in Vancouver and the surrounding area employed. British Columbia's Finance Minister called the Games a godsend, thanks to the number of people the projects have kept in the workforce.
Now, the bad.
Last week, credit-rating agency DBRS lowered Vancouver's credit status to its lowest since 1994, when it began assessing the city. The slip in status has been caused primarily by the economic crisis and the bailout of major Games projects, such as the billion-dollar Olympic Village.
A recent news story on globeandmail.com also reported that, on 20 February, Moody's Investor Services predicted Vancouver will "increase to about 120 percent of operating revenue during the next two years because of financial obligations to the Olympic Village development."
And a report commissioned by the Department of Canadian Heritage says, "Top-level managers haven't identified measures to overcome potential risks, such as funding, security and natural hazards."
The report goes on to suggest that it's difficult to determine how the Games will benefit Canada once they end. Such news comes in the wake of post-Beijing Olympic Games reports that several facilities still sit empty. The "Bird's Nest" Stadium, a $500 million project that was the centerpiece of many of the Games' events, has just one event scheduled for 2009. And many of the city's other unused Olympic venues will likely be demolished.
On the other hand, Beijing spent three times more on their Olympics preparations than any other host city in history. So perhaps planners of the Vancouver Games will learn from China's post-Olympics experience.
First, the good.
In today's economy, with people being laid off left and right, the 2010 Winter Olympics are keeping citizens in Vancouver and the surrounding area employed. British Columbia's Finance Minister called the Games a godsend, thanks to the number of people the projects have kept in the workforce.
Now, the bad.
Last week, credit-rating agency DBRS lowered Vancouver's credit status to its lowest since 1994, when it began assessing the city. The slip in status has been caused primarily by the economic crisis and the bailout of major Games projects, such as the billion-dollar Olympic Village.
A recent news story on globeandmail.com also reported that, on 20 February, Moody's Investor Services predicted Vancouver will "increase to about 120 percent of operating revenue during the next two years because of financial obligations to the Olympic Village development."
And a report commissioned by the Department of Canadian Heritage says, "Top-level managers haven't identified measures to overcome potential risks, such as funding, security and natural hazards."
The report goes on to suggest that it's difficult to determine how the Games will benefit Canada once they end. Such news comes in the wake of post-Beijing Olympic Games reports that several facilities still sit empty. The "Bird's Nest" Stadium, a $500 million project that was the centerpiece of many of the Games' events, has just one event scheduled for 2009. And many of the city's other unused Olympic venues will likely be demolished.
On the other hand, Beijing spent three times more on their Olympics preparations than any other host city in history. So perhaps planners of the Vancouver Games will learn from China's post-Olympics experience.
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