This has nothing to do with the Olympics. They have been wanting to build a resort on Mt. Mckenzie for 25 years, it just has never happened. It appears now that at least something will happen. If everything goes to plan it will rival Whistler, but not for at least 10-15 years. It is also much harder to get to than Whistler. People complain about Whistler being hard to access, a 2 hour drive from one of the biggest airports in Canada, and the the number one pacific port of entry from asia for the whole of the northwest. Revelstoke is 6-6.5 hours from Vancouver, 5 from Calgary, and 2.5 from Kelowna. Kelowna is an international terminal but very small, and currently only serviced by Horizon Air out of Seattle and Spokane.
I personally see this having a better Chance than Jumbo. Jumbo is in the middle of nowhere, and you would directly pass Panorama resort on the way (You would pass Silver Star on the way from Kelowna to Revelstoke, but Silver Star is fairly small). Revelstoke is already established and there exists a population to draw employees to both construct and run the resort. Jumbo would have to draw from Invermere, a fair distance away. Also, with this gondola deal, Revelstoke has the edge on timing. Revelstoke is already home to a whole bunch of Cat and Heli operations, and people have no problem shelling out thousands of dollars for those. The amount of snowfall is like nothing outside of Baker, Jumbo wouldn't compare.
I say goodluck to the developers. I'd love to ski there.