The 1976 Olympic Games in Montreal and the stadium built for the event, rank as two of the biggest financial boondoggles to ever shakedown hapless taxpayers.
In 1973, it was estimated the stadium would cost $310 million but by 2006, after calculating repair costs, modifications and interest paid, the price of Olympic Stadium was almost $1.5 billion!
Now comes word that the infamous stadium lid – which never worked properly – needs to be replaced and Quebec’s government wants to invest in a renovation that’s expected to suck up a quarter-million in taxpayer dollars.
The main tenants of Olympic Stadium have all fled and so far there are only TWO events booked in 2018 but time and again, politicians get seduced by these mega-projects.
Toronto’s SkyDome experience was similar becoming the only downtown real estate to depreciate by more than 90 per cent over the course of 15 years.
At this point, the only sensible option is to euthanize the Olympic money pit but even that’s going to be painful at a cost of $700M to demolish the stadium.
Maybe we should tender out the demolition to the likes of ISIS and Al-Qaeda...