After all, the casino operator will fund and build a $402 million international convention centre for the Government, billed by Economic Development Minister Steven Joyce as a ''major asset for New Zealand'' that would generate ''significant spin-off benefits''.
The Government obviously feels it is on a winner by not requiring the taxpayer to foot any of the bill, and it can claim responsibility for the benefits, which include 1000 construction jobs, 800 permanent convention centre jobs upon completion of building work, and a projected injection into the regional economy of $90 million to $100 million each year.
That revenue will presumably be enjoyed by business and tourism operators benefiting from the additional spending by the 33,000 extra delegates projected to visit the centre each year.
For SkyCity, the numbers evidently stack up. Under the deal, it is allowed to add 230 poker machines and 40 more gaming tables to its current tally of 1600 pokies and 100-plus tables. Some of those will now be allowed to take banknotes of denominations above $20.
In order for it to realise the full benefit of those concessions, it gets an extension of its operating licence to 2048, the worth of which has been assessed by advisory firm KordaMentha as between $65 million and $115 million.
It will receive compensation of $11.5 million for every year of the contract remaining if the concessions are changed by the Crown before then. But there are hidden costs.
Opposition parties and social agencies say the 35-year contract prevents future governments from dealing with problem gambling, is inadequate in its requirements of SkyCity to address that issue, and vulnerable families will ultimately end up paying the price.
The Department of Internal Affairs estimates between 10,000 and 60,000 adults are likely problem gamblers and as many as 500,000 people are affected by the economic, health, personal, and social costs of problem gambling.
The issue is more prevalent in Maori and Pacific Island communities; and Problem Gambling Foundation chief executive Graeme Ramsey says poker machines cause the biggest problems.
The Government says the agreement requires SkyCity to identify problem gamblers and double its number of host responsibility executives. But it is clear the onus remains on voluntary measures such as self-exclusion orders by gamblers themselves.
And the introduction of ticket-based and card-based cashless gaming technology across the casino seem to counter any of the new checks and balances.
Controversially changing legislation with only a small majority in obvious favour of a private enterprise will be seen by some as another example of the Government being in the pocket of big business. And locking in an expensive compensation clause certainly does not easily or cheaply allow for future changes in public opinion or policy.
The devil here will once more be in the detail. There is much still to be worked out before the convention centre gets the green light.
Legislation to ratify the deal still needs to be passed by the Government, although that will pass because coalition partners will be required to support it.
While it makes sense for TVNZ to sell its land sought for the centre, that is not a done deal and no negotiations have begun.
The Auckland Council will need to give the centre building approval - and Auckland Mayor Len Brown not only clearly has his nose out of joint having been left out of the deal-making, but also has his constituents and their views to take into account over both gambling issues and the design of the proposed centre, which may need to go to public consultation.
And, of course, there are the logistics of completing the centre within the proposed time frame of 2017, particularly considering the construction requirements of rebuilding Christchurch.
The Government has decided any risks and hurdles in getting the convention centre up and running are worth the gamble. The next rolls of the dice will - politically at least - reveal whether the wager has paid off. But many will rightly feel the social cost is too high a price to pay.
