July 30, 2012

Delays eat into earnings of company overseeing new Winnipeg stadium

Delays in building Winnipeg's new football stadium are costing the project's lead construction company more than just time.

Stuart Olson Dominion Construction Ltd., is reporting a $7 million drop in earnings for the second quarter, compared to the same period last year.

Churchill Corp., which owns the company, says in a report published on July 23 that the blame can be laid on delays in structural steel work for Investors Group Field.

It says the delays resulted in changes to the work schedule, resulting in additional costs for the $190 million project.

The final cost of the 33,000-seat complex for the CFL’s Winnipeg Blue Bombers was guaranteed by the builder.

The stadium was supposed to open this year, but no games will be played there until next year.

News from © Canadian Press Enterprises Inc., 2012

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