Rogge confident despite PyeongChang 2018's financial challenges

International Olympic Committee (IOC) President Jacques Rogge is confident PyeongChang will deliver a successful 2018 Winter Olympics despite financial challenges surrounding one of its main venues.

PyeongChang 2018's venue plan details that the main Alpensia Resort will host cross country skiing, ski jumping and biathlon at three existing facilities, while one new venue is being developed to accommodate bobsleigh, skeleton and luge.

However, despite an increase in sales and visitors since the Korean resort town won the bid in 2011, Alpensia has been hit by the economic downturn with only 26.3% of holiday homes being sold.

The resort is currently faced with $844.78 million of debt, which accounts for $91,000 in daily interest payments. Reuters reports that regional officials have demanded government assistance to ease the situation, but the Ministry of Culture, Sports and Tourism has said help would only be provided once the autonomous province had exhausted all possible measures to raise funds.

Undertaking a two-day inspection visit of the Olympic site over the weekend, Rogge stated "we are extremely happy not only by the progress of the work but by the fact that existing facilities are being fully utilised.

"Koreans have much experience in hosting international sporting events such as the 1988 Seoul Olympics or the 2011 Daegu World Championships in Athletics. I'm optimistic."

PyeongChang 2018 Organising Committe President Kim Jin-sun also expressed his confidence when asked about progress at the venue, adding "despite financial issues and other problems, preparations are going smoothly.

"As you can see, stadiums and highways are already under construction or are contracted to be built."

PyeongChang failed in bids to land the 2010 and 2014 Winter Olympics before beating Munich in Germany and French candidate Annecy for the right to stage the 2018 Winter Games in July 2011.
Thanks to Sport Business International

6th July 2012 - PYEONGCHANG 2018 UPDATES WINTER OLYMPICS VENUE PLANS