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2030 Commonwealth Games Bid

We also have more existing facilities from having hosted it before, so cost wise it would make more sense.

It probably is a better experience for the athletes and visitors to have the event focused on one place, easier to coordinate and more efficient cost wise too.
Yes the cost factor is a big one. Both IOC and the Commonwealth Games Organization are looking at ways to reduce the overall costs. Its one of the reasons we are seeing the IOC look at former host cities and regions. I do not see a lot of money being used to build new facilities, though it would be nice.
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I wouldn't be supportive of a joint bid with Calgary and other municipalities for the Commonwealth Games, because this is an event Edmonton has already hosted alone. There's no need or logic for a joint bid for an event which Edmonton has already proven it can successfully host on its own.

What I would like to see is Edmonton and Calgary collaborating on a joint bid for the Olympic Summer Games. This is the scale of event where pooling our resources would make sense and which would showcase the province, not just one city, on the global stage (the Commonwealth Games, while they have their place, are small potatoes compared with the Olympics, given that they don't include the United States, France, Germany, China or other sporting powerhouses).

Yes, some new venues would be required but other existing ones (such as Commonwealth Stadium) could be upgraded for use. Events would be split between Edmonton and Calgary so both cities would benefit from legacy facilities. A joint bid with a sustainable ethos might just strike a chord with the IOC, which is beginning to acknowledge that fewer communities and countries are willing to spend billions of dollars erecting facilities which (as in Athens after 2004) wind up as white elephants after the event. Instead, a bid which proposes cooperation among municipalities and recycles some existing facilities could be just the ticket.
Summer games are for alpha+ cities only and barely at that these days.