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Banking,FinancialServicesHostingmegasportingeventsspeedsupregionaleconomicdevelopment:PwC
1042words
24June2011
EntertainmentNewsweekly
ENTWK
77
English
Copyright2011EntertainmentNewsweeklyviaVerticalNews.com

2011JUN24(VerticalNews.com)AccordingtoanewreportfromPwC,investingininfrastructurerequiredformegaeventsliketheOlympicsortheFIFAWorld
Cup(TM)canaccelerateeconomicdevelopmentinsomehostcountriesandregionsbyasmuchasthreedecades.
AneconomicandsocialimpactreportbyPwCayearaftertheVancouver2010OlympicandParalympicWinterGames,showedGamesrelatedvenueconstruction
estimatedatmorethan$1.22billion,notincludingthenewVancouverConventionCentre,CanadaLinerapidtransitproject,ortheSeatoSkyHighwayexpansion
betweenVancouverandWhistler.IncrementalemploymentfromGamesrelatedactivitieswasestimatedat45,500personyearsofemploymentinBCandCanada.As
TorontogearsuptohostthePanAmGamesin2015,somearewonderingifthesegameswillresultinsimilarbenefitsinOntario.
"SimilartotheVancouver2010Olympics,hostingthe2015PanAmericanandParapanAmericanGamesinTorontowillhelpimproveinfrastructureintheGTAregion
andcouldbeasteppingstoneforTorontotohostasportingeventliketheOlympicsinthefuture,"saysRonBidulka,ManagingDirectorinPwC'sDealsandCorporate
Financepractice.
Accordingtothereport,successinhostingamegaeventispartlydeterminedbythesupportinginfrastructurerequiredforbothathletesandspectators.Bidwinners
oftenbeginplanningfaraheadoftheactualevent,oftenadecadeormoreinadvance,allowingthehostcitiesandregionstostartrealizingpositivebenefitspriortothe
actualeventtakingplace.Forinstance,planningforthe2015PanAmgamesbeganin2007,someeightyearsaheadoftheevent.The2015Gameswillincludeamulti
billiondollarinvestmentintheGTAandHamiltonfornewsportsvenuesandfacilityupgrades,includingtheathlete'svillage,thePanAmstadium,velodrome,aquatics
centre,fieldhouse,andCanadianSportInstitutecomplex.
"WhenacityplansaheadfortheinfrastructurerequiredforsportingeventsliketheOlympicsandthePanAmGames,theresultsaretransformative,"saysBidulka.
"Advanceplanninginthiscaseincludesanticipatingandplanningforthelegacyeffectsthatcanimproveresidents'qualityoflifeandenhancetheregion'sbusiness
competitiveness,resultinginlongtermeconomicgain."
Notablemegaeventstatisticsfromaroundtheworldinclude:
BrazilisexpectedtoinvestapproximatelyUS$83billionininfrastructurefrom2009to2016toprepareforWorldCupfootballin2014andtheOlympicsin2016.200
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newenergyfacilitieswillgraduallypowerupinanticipationoftheincreasedconsumptionduringthe2014WinterOlympicsinSochi,increasingtheenergycapacityof
theSochipowergridby250%.InSpain,Barcelonausedthe1992Olympicsasacatalysttospeeduppreviouslyestablishedgoalsforurbanregeneration.Barcelona
spentsixtimesasmuchoninfrastructure(bothGamesinfrastructureandsupportinginfrastructure)asitdidonorganizingtheeventitself.Thecityexperienceda
metamorphosiswithinfiveyearsthatwouldotherwisehavetakenthreedecades.
Hostingthe2010OlympicshasbroughtthebenefitsofkeylegacypublicinfrastructuretoBritishColumbia.Thereare13venuesdesignedforlongtermmultipurpose
communityuse,andeightmultipurposesportvenues.TheseincludetheRichmondOlympicOval,HillcrestParkOlympicCentre,WhistlerSlidingCentre,andWhistler
NordicCentre(CallaghanValley).
Whilenotdirectlypartofthe2010Olympics,theGamesdidserveasacatalystfortheCanadaLinerapidtransitwhichconnectsdowntownVancouver,theVancouver
InternationalAirportandRichmond,completedasaPublicPrivatePartnership(PPP)theSeatoSkyHighwayimprovementprojectbetweenVancouverandWhistler,
procuredasaPPPaswellasthenewVancouverConventionCentre.Anestimated1,546newhotelroomswereopenedinMetroVancouverinanticipationofthe2010
Games.
PwCfoundthatacityorregionneedstoexcelincertaindimensionstocapturetheattentionoftheworldstageincluding:qualityservicestoresidentsandbusinesses,
sustainabledevelopmentandvisionaryleadership.
"Canadaiswellknownasasafe,cleanandliveablecountryandmanyofourcitieshavebeensupportedbyalllevelsofgovernmentintheirbidstohostmajorsporting
eventsandtherelatedinfrastructureinvestments.ThisdemonstratesCanada'sleadershipinacceleratingtheeconomicgrowthofourcommunitiesandtoexpandingthe
relationshipsbetweenlocalandinternationalbusinesses,"saysBidulka.
ToreadthefullreportGameon:Megaeventinfrastructureopportunities,pleasevisit
http://www.pwc.com/gx/en/capitalprojectsinfrastructure/publications/megaevents.jhtml

FollowPwConTwitter@PwC_Canada_LLPandonFacebookathttp://www.facebook.com/pwccanada

FirmDescription
PwCfirmsprovideindustryfocusedassurance,taxandadvisoryservicestoenhancevaluefortheirclients.Morethan161,000peoplein154countriesinfirmsacross
thePwCnetworksharetheirthinking,experienceandsolutionstodevelopfreshperspectivesandpracticaladvice.Seewww.pwc.com formoreinformation.In
Canada,PricewaterhouseCoopersLLP(www.pwc.com/ca )anditsrelatedentitieshavemorethan5,700partnersandstaffinofficesacrossthecountry.
"PwC"isthebrandunderwhichmemberfirmsofPricewaterhouseCoopersInternationalLimited(PwCIL)operateandprovideservices.Together,thesefirmsformthe
PwCnetwork.EachfirminthenetworkisaseparatelegalentityanddoesnotactasagentofPwCILoranyothermemberfirm.PwCILdoesnotprovideanyservicesto
clients.PwCILisnotresponsibleorliablefortheactsoromissionsofanyofitsmemberfirmsnorcanitcontroltheexerciseoftheirprofessionaljudgmentorbindthem
inanyway.
NotetoEditors:PwChaschangeditsnamefromPricewaterhouseCooperstoPwCinthefallof2010.'PwC'iswrittenintextwithacapital'P'andcapital'C'.Onlywhen
youusethePwClogoisthenamerepresentedinlowercase.
"PwC"referstoPricewaterhouseCoopersLLP,anOntariolimitedliabilitypartnership,whichisamemberfirmofPricewaterhouseCoopersInternationalLimited,each
memberfirmofwhichisaseparatelegalentity.
ThisarticlewaspreparedbyEntertainmentNewsweeklyeditorsfromstaffandotherreports.Copyright2011,EntertainmentNewsweeklyviaVerticalNews.com.
NewsRx.com
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