(ATR) The scramble is on to keep the Alpensia Resort solvent inPyeongchang, South Korea, while a leader of the 2018 Olympics tellsAround the Rings plans for the Winter Olympics will not be affected.
The Korea Times reports that the resort, which opened in 2009, is losing about $55 million a year against $50 million in revenue.
The company says condominium sales have fallen short and that interest payments are dragging down the balance sheet.
Along with hotels, the Alpensia Resort contains a sports park which holds venues for bobsleigh, luge, skeleton, biathlon, cross country and ski jumping. Alpensia says it hopes to sell the sports park to the Gangwon Provincial government.
The company says it is looking for an investor to shore up the finances for the resort, possibly from China.
"We do not think the financial difficulties of the Corporation would adversely affect the Olympic Games, " Pyeongchang 2018 secretary general and vice president Dong Hoo Moon tells ATR.
He supplied a statement detailing the position of Pyeongchang 2018..
"POCOG is aware that the latest financial crunch experienced by Alpensia stems from its failure to sell vacation homes and condominiums in the resort. However, POCOG is also positive that Gangwon Province will do all it can to solve this problem," says the statement.
"In any case, the Olympic Games will NOT be affected adversely by Gangwon Development Corp.’s financial status since all sport venues at Alpensia are owned by Gangwon Province," says the statement.
The resort will also be the site of IOC, media and athlete housing, In its statement, POCOG says it "will make sure that all conditions pledged by Alpensia, in terms of accommodation, will be carried out as promised."
A spokesman for the resort says the company is resolved to find a way out of these difficulties.
''We will continue to join forces to find a solution to this growing problem engulfing Alpensia Resort. Korea should make every effort to revive the resort for the successful hosting of the upcoming Olympics,’’ the spokesman said.
Bankruptcy was an issue facing Whistler Resort, site of alpine events in the 2010 Games. A new company took over the property before the Olympics, which were unaffected by the changes.
Written and reported by Ed Hula.
Últimas Noticias
Sinner-Alcaraz, the duel that came to succeed the three phenomenons
Table tennis: Brazil’s Bruna Costa Alexandre will be Olympic and Paralympic in Paris 2024
Rugby 7s: the best player of 2023 would only play the medal match in Paris
Rhonex Kipruto, owner of the world record for the 10000 meters on the road, was suspended for six years
Katie Ledecky spoke about doping Chinese swimmers: “It’s difficult to go to Paris knowing that we’re going to compete with some of these athletes”
