Fireworks will once again light up the sky over English Bay this summer. The Celebration of Light competition was cancelled last month because of the economic downturn.

But Wednesday there was some good news when three new sponsors were announced at a news conference at Vancouver City Hall.

The Keg restaurant, The Edgewater Casino and the soon-to-launch radio station Shore FM will cover the $400,000 dollar shortfall from the event's $4 million budget.

The chairman of the Vancouver Fireworks Festival Society, which produces the show -- arguably the biggest fireworks display in Canada -- described it as "one of Vancouver's favourite events."

"The extent of our shortfall this year was three times what it has been in the past. So it was significant," said Brent MacGregor.

The fireworks festival attracts up to 400,000 people per night over four nights and generates more than $34-million in visitor spending.

Other sponsors for the festival, now in its 18th year, include HSBC Bank Canada, London Drugs, Concord Pacific Developments, Tourism Vancouver, BC Hydro, and YVR Airport Authority.