Cost of hosting another Olympics in Utah rising as coronavirus adds to risks – KSL.com

Simply how much more is still being worked out, although inflation alone would include $400 million to the bottom line for the 2030 Winter Games and almost $500 million for the next Winter Games 4 years later, Fraser Bullock, president and CEO of the Salt Lake City-Utah Committee for the Games, informed KSL on Wednesday.Also being included are new expenditures related to the effect of the international coronavirus pandemic, stated Bullock, the chief running officer of the 2002 Winter Games in Salt Lake City. You know, weve all been chewing at the bit to be able to get moving forward, to be able to truly bring the Games back,” Cindy Crane, the committees chairwoman, informed reporters at a news conference held after a conference of the bids governing board.At least 3 other cities around the world are contending with Salt Lake City for a Winter Games– Sapporo, Japan; Barcelona and the Pyrenees Mountain region in Spain; and Vancouver, Canada– Bullock said at the news conference.Discussions about Salt Lake City have actually picked up with U.S. and international Olympic officials, he stated, even though they are dealing with the effects of delaying the 2020 Summer Games in Tokyo up until next year due to COVID-19. We desire to see our neighborhood continue to increase financially, particularly as we have some issues at this point in time,” he said.Although there were risks associated with the 2002 Winter Games, the first major global occasion held after the Sept. 11, 2001, terrorist attacks versus the United States, Bullock said “risk is now a capital R and we need to look at every component to make sure we protect the state and the neighborhoods from any financial commitment. Later on, Bullock detailed in an interview that the $60 million contingency fund in the budget prepared in 2018 as Utah leaders were choosing whether to back another bid will have to be increased “significantly,” however he wasnt all set to talk about how much more would need to be set aside.Also, what would amount to $4 million today to pay for cancellation or post ponement insurance coverage will likely fall far short after the Tokyo Olympics were postponed, he stated, including that organizers of the 2002 Winter Games spent about $2.5 million on a cancellation policy that would have provided $150 million.Plus there needs to be a boost in the $63 million built into the budget plan for keeping the states Olympic centers, which consist of the bobsled, luge and skeleton track and ski jumps at the Utah Winter Sports Park near Park City, as well as to help money the Utah Sports Commission, post-Games, Bullock said.He described the 2018 price quote, which came in lower than the expense of the 2002 Winter Games, as an effort to “see how effective we could be with our budget plan.

Just how much more is still being worked out, although inflation alone would include $400 million to the bottom line for the 2030 Winter Games and almost $500 million for the next Winter Games 4 years later, Fraser Bullock, president and CEO of the Salt Lake City-Utah Committee for the Games, informed KSL on Wednesday.Also being included are new expenditures related to the effect of the worldwide coronavirus pandemic, stated Bullock, the chief running officer of the 2002 Winter Games in Salt Lake City. You know, weve all been chomping at the bit to be able to get moving forward, to be able to truly bring the Games back,” Cindy Crane, the committees chairwoman, informed press reporters at a news conference held after a conference of the bids governing board.At least three other cities around the world are contending with Salt Lake City for a Winter Games– Sapporo, Japan; Barcelona and the Pyrenees Mountain region in Spain; and Vancouver, Canada– Bullock said at the news conference.Discussions about Salt Lake City have actually selected up with U.S. and global Olympic authorities, he stated, even though they are dealing with the effects of postponing the 2020 Summer Games in Tokyo until next year due to COVID-19. Later, Bullock detailed in an interview that the $60 million contingency fund in the budget prepared in 2018 as Utah leaders were choosing whether to back another bid will have to be increased “significantly,” but he wasnt prepared to talk about how much more would need to be set aside.Also, what would amount to $4 million today to pay for cancellation or post ponement insurance coverage will likely fall far brief after the Tokyo Olympics were delayed, he said, including that organizers of the 2002 Winter Games invested about $2.5 million on a cancellation policy that would have offered $150 million.Plus there needs to be a boost in the $63 million developed into the spending plan for preserving the states Olympic facilities, which include the bobsled, luge and skeleton track and ski jumps at the Utah Winter Sports Park near Park City, as well as to assist money the Utah Sports Commission, post-Games, Bullock said.He described the 2018 estimate, which came in lower than the cost of the 2002 Winter Games, as an effort to “see how efficient we could be with our budget.

Leave a Reply

Your email address will not be published. Required fields are marked *