She was not changing her recommendations on the company, as Forsyth Barr had ''totally expected'' the New Zealand International Convention Centre legislation to be passed, given Government support.
''The centre will not be built until 2017 but Sky City should leverage some benefits in 2015, hopefully.
''Our indicative upside valuation estimate for us is around 15 cents per share. The share price is probably not factoring in much of this at this stage, given political uncertainties.''
Forsyth Barr had an accumulate recommendation on Sky City shares, which last traded at $3.93.
The company had already spent $75 million of the proposed $87 million for land for the convention centre. Construction costs of $315 million would be spread across the project and the total cost was capped at $402 million, Ms Kinnaird said.
Sky City had previously negotiated a significant expansion of its Adelaide operations. A start on the $A350 million ($NZ396 million) redevelopment and construction of its new casino, car park and hotel in Adelaide came after it received the concessions it needed from the South Australian Government in early July.
''While not as an exciting project as Adelaide, we are positive about the longer-term opportunities the New Zealand International Convention Centre will bring.''
With the political uncertainty around the project, given Labour and Green Party threats to overturn legislative approval, there was a chance Sky City could delay signing the building contract until after the election next year, Ms Kinnaird said.
Economic Development Minister Steven Joyce said the convention centre Bill was another example of this Government's drive to create new investment, jobs and growth.
''The 3500-seat convention centre will generate significant spin-off benefits, including a projected $90 million annual injection into the economy, an estimated 1000 jobs during construction, and 800 jobs once it is up and running,'' he said.
Labour Party leader David Cunliffe said a Labour government would not be bound by the deal with Sky City.
''Labour will regulate to prevent gambling harm. Labour will not compensate for the normal regulatory functions of government.''
If the convention centre was half built, Labour would not dig up the foundations but neither would it be bound by the deal, he said.
There were no guarantees of extra gaming tables, no guarantees of extra pokie machines and there were no guarantees of compensation.
''The National Government is not focused on building a strong economy for all New Zealanders. Instead, it is focused on feathering the nests of its own MPs and its big-business backers,'' Mr Cunliffe said.
Sky City chief executive Nigel Morrison said the legislation extended Sky City's Auckland Casino licence to 2048 and provided for an increase in gaming product and other gaming concessions.
They included 230 gaming machines, 40 gaming tables, a further 12 gaming tables that could each be substituted for 20 automated table game terminals, the introduction of cashless card-based gaming and at least 780 new car parks.
