Owners exploring ways to derive profit from 2008 Beijing Olympic venues

From ANI

Beijing, Jan 16(ANI): Owners of 2008 Beijing's Olympic landmarks are exploring new ways to derive profit from them.The Water Cube, where American swimmer Michael Phelps clinched eight gold medals during the international competition is currently incurring a loss of 11 million Yuan due to a decline in the number of visitors.But the government-owned company that runs the venue, the Beijing National Aquatics Center Co Ltd Deputy Manager Yang Qiyong said Water Cube is earning income from other sources like government funding for some water sports.The company has renovated the Olympic venue twice during the past three years, but failed to attract visitors. The number of visitors to the main Olympic arena, the Bird's Nest, also declined by almost 50 percent in the first six months of 2011, as compared to the same period in 2010. An official of National Stadium Co Ltd, which runs the Bird's Nest, said it is changing its role from that of a venue provider to a content provider by organizing more programs. At the venue.Beijing Sport University’s College of Management vice dean Lin Xianpeng said the venues should opt for multiple business models to sustain themselves.The Beijing Olympic Basketball Gymnasium is the only commercially renamed venue, which has hosted about 70 commercial events in 2011.The center's income comes primarily from sponsorship, including fees from naming rights and founding partnerships, Anschutz Entertainment Group (AEG) chief John Cappo said.AEG is one of the world's leading sports and entertainment firm, which operates the MasterCard center at the venue.(ANI)
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