CANADA - The BC Pavilion Corporation faces almost CA$40m in accumulated deficit from costs and expenses of their multiple large-scale projects.
The company predicts the deficit as a result of costs and revenue loss from the opening of the new West Building at the Vancouver Convention Centre and the ongoing roof replacement at BC Place Stadium, both venues owned by PavCo.
The roof replacement project will cost an estimated CA$565m, and erecting temporary playing facilities for the BC Lions and Vancouver Whitecaps while renovating the BC Place Stadium will add CA$23m to the foreseen deficit.
The company predicts a CA$39.5m in accumulated deficit in 2012-13.
Chief financial officer for PavCo, John Harding, says the company expects to generate CA$600-$800m in economic spinoffs in the next few years even while running deficits.
