Orbit costs sliding up rather than down

The London Legacy Development Corporation (LLDC) has confirmed that it will spend £3.5 million to erect a slide at the ArcelorMittal Orbit.

At a meeting of the London Assembly Regeneration Committee today, David Goldstone CBE, Chief Executive, LLDC, stated that the Orbit is forecast to recover the cost of the slide over a five year period.

The LLDC expects the Orbit to make a loss of almost £0.5 million in 2015/16 and hopes investing in a slide will help make the venue financially sustainable.

It has been indicated that the slide will cost visitors around £5 per go, but a £12 entry pass will also be required giving a combined cost of around £17 per person. Full pricing and date of opening will be announced by the LLDC soon.

Even if the Orbit does eventually generate a surplus, it will not initially benefit the Park. The first call on any profits will be repaying a loan to ArcelorMittal, which stood at £10.6 million in March 2015.

Gareth Bacon AM, Chairman of the Regeneration Committee, said:

“Everyone wants the Olympic Park to succeed, and popular venues are a key part of that. We were assured by the LLDC today that visitor numbers at the Orbit are heading in the right direction and that the addition of a new slide will help.

But £3.5 million is a lot of money and we need to make sure it will deliver value for money in the long run. The Assembly will continue to keep a close eye on the financial performance of this and other Olympic venues in the future.”