To the editor:

A recent article by Jim Odato presented a misleading picture of the Olympic Regional Development Authority’s (Olympic Authority) financial health. In reality, thanks to strategic investments from the governor and legislature, the Olympic Authority is stronger than ever — both financially and operationally — with record-high revenues and visitor numbers.

Mr. Odato’s report focuses on a single line from the Olympic Authority’s annual audit showing a $50 million net operating loss, higher than the previous year. But this number is misleading without context, and the Olympic Authority did not actually lose $50 million in cash. Nearly 70% of the reported deficit comes from depreciation — an accounting method that spreads the cost of major assets, like buildings and equipment, over time. The state has made major investments in modernizing and rebuilding venues, meaning the value of the Olympic Authority’s assets has increased, which equates to more depreciation. This is not the cash flow crisis the recent report would suggest, it’s a basic concept in accounting. The Olympic Authority excludes these non-cash expenses when evaluating its true operating performance. Without this clarification, the public receives an incomplete and inaccurate picture of the Olympic Authority’s financial health and the significant economic benefits it provides to the region.

The article raises concerns about rising personnel and operational expenses, questioning whether the public is getting a fair return. It overlooks how state investments over the past five years have revitalized the Olympic Authority’s venues, enabling the organization to attract upcoming prestigious events such as the IBU Cup (biathlon) and the Cross-Country World Cup Finals, events that were not possible here a decade ago. Olympic Authority operations have expanded to include guest experiences, athlete development, and youth and community programs — many of the latter offered at little or no cost — across all venues year-round. While these improvements have boosted access, revenues, and visitation during months that were once slow, they have also brought higher costs from inflation, wage increases, and added staff.

With that growth in expenses has come even greater impact. The Olympic Authority commissions an independent economic impact report every three years, and the most recent analysis by Tourism Economics estimated that for 2022-2023, the Olympic Authority generated $341.8 million in annual economic activity, which supported 3,414 total jobs and driving $133.8 million in direct visitor spending in the local economy.

The public’s investment in the Olympic Authority is more than just paying off, it’s laying the groundwork for continued success. We remain committed to transparency, fiscal responsibility, and delivering long-term economic and recreational benefits to the region.

Ashley Walden

President & CEO, Olympic Authority

Joe Martens

Board Chair, Olympic Authority