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Science World and the Pacific National Exhibition are among the anchor B.C. attractions expected to receive up to $1 million each from a $50 million program announced by the province Tuesday to prop up struggling tourism operators.
However, Vancouver’s mayor said the funding leaves the PNE “critically short” of the $8-million bailout it needs to survive.
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The B.C. major anchor attractions grant will provide $1 million in funding to anchor attractions that typically get at least 75,000 visitors a year and $500,000 to rural tourism attractions that get 15,000 visitors a year, Premier John Horgan and Tourism Minister Melanie Mark said during a news conference on Tuesday. Tour bus companies will also be eligible for funding.
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Plans to partially open Playland last weekend were pushed to later this month at the earliest due to prevailing health safety concerns, and yesterday they confirmed the cancellation of the 2021 Fair as they could not make the numbers work not even with a downsized event.
Revenue from facility rentals have taken a huge hit as well, given that events are now virtually non-existent.
To reduce the haemorrhage on their reserves, they resorted last year to laying off nearly all of their unionized staff and half of management.
Even if the PNE is able to survive for another year of difficult conditions, it would take at least 15 years for them to pay off this level of debt, but with the great impact of reducing the level of investments on programming. Reducing these investments that bring the masses to the events held at Hastings Park would surely send the PNE into a vicious cycle of a downward spiral for its long-term revenue outlook.
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