The Editor,
As I predicted in a letter published in 2004, the Richmond Olympic Oval, like all Olympic infrastructure, will end up as a white elephant. This historical pattern is only surpassed by the historical denial by the politicians of these facts.
With respect to Richmond's case, let's look at a few facts. Concurrent with the River Rock casino opening in 2004, the city's annual share of casino revenue jumped dramatically to approx. $10 million.
Coincidentally, that same year, the city took on the Oval project to which it dedicated $5 million in annual casino revenues for a period of 10 years. Total Oval funding from casino revenues equals $50 million. (Source: city documents)
Various numbers get bandied about, such as the recently increased $3 million taxpayer subsidy, as well as the $2.5 million legacy fund, totalling $5.5 million per year. However, the truth is, if one includes the "no brainer funds" ($5 million annually) that accrue from the casino, the Olympic Oval is sucking in approximately $10 million in funds total annually.
Or, if no Oval existed, and excluding the legacy funds, Richmond would have access to about $8 million annually. In addition, I inquired of the city the crucial factor, the maximum capacity for the Oval via the fire code. I was informed it is about 5,000 people at any given time. Thus, this number is crucial regarding Oval gross revenue from clientele versus Oval taxpayer subsidy. Council will continually direct taxpayer funds in a desperate attempt to deny this fact.
Roland Hoegler Richmond
