Province
Vancouver’s new convention centre takes shape, $400 million over initial estimates. Photograph by : Jon Murray, The Province
Cost overruns on projects happen, but I wonder if the new convention centre in Vancouver will ever show a profit.
Tourism Minister Stan Hagen, in his haste to make this project look good to us taxpayers, is throwing figures around that, at best, are a wish and a prayer.
He claims 54 conventions are confirmed through to 2011, worth $1 billion in economic benefits.
What does that mean?
How did he come up with that spin? There may be 54 conventions confirmed, but how many are booked and have left a deposit?
Conventions are notorious for being cancelled or changed to different locations. Come on, Stan, show me on paper how you came up with that figure.
I’m sure a business plan was approved long before this project was started. Does that plan still work, with $400 million in cost overruns? How will that money be recovered? What’s the new business plan? Is there a new business plan?
Will bookings be subsidized by the government? Will the City of Vancouver be on the hook, and for how much?
Oh, and as an owner, I’d really be worried about the rising Canadian dollar — because I don’t think we will be filling our convention centre with Americans who find their dollar no longer gives them a 30-per-cent discount on conventions held in Canada.
I would like to let Hagen off the hook. But I remember similar questions when his party was in opposition during the fast-ferry overruns.
The minister needs to answer these questions.
Al Williams, Port Coquitlam
© The Vancouver Province 2007