Big one-time events aren't nearly as useful as continuous reasons to visit a city. Sure, the Olympics can provide a boost, but that glitter fades quickly leaving a legacy of unused sports facilities and cost overruns. How is tourism these days in Atlanta, Salt Lake City, or Calgary?
We still have a whole bunch of events that attract both tourists and locals, including Toronto International Film Festival, Caribana, Molson Indy, CNE, Street Festivals, Pride Parade, etc.
We just need to get the word out that Toronto is a fun place to visit, since too many Americans think it is boring up here. I'd also like to see promotions for more than the usual suspects for tourism - there's more to Toronto than the CN Tower, Mamma Mia and the old Spaghetti Factory!