The HSBC Celebration of Light, the summer fireworks festival that has attracted thousands of people to Vancouver, will not proceed this year due to a lack of funding.
The Vancouver Fireworks Festival society said Wednesday in a press release that the not-for-profit society has been unable to retain and add enough sponsorship to meet the event's $4 million budget.
"It has been an exceptional 18-year event -- the largest of its kind in the world -- and it is a credit to our many exceptional sponsors that we kept the event going year after year. However, the current financial situation makes it impossible for us to continue."
With about 350,000 spectators per night for each of the four nights of the show, the event had an economic impact of over $37 million annually in direct visitor spending, the society said.