The country's flagship golf tournament has pledged its future to the resort through a new co-hosting agreement.
Millbrook Resort founder Eiichi Ishii and his family have agreed to underwrite the tournament for at least five years from 2017.
He takes over the financial risk from multimillionaire jeweller Sir Michael Hill.
As part of the deal, from 2017 the final rounds of the prestigious event will alternate between the neighbouring Arrowtown courses, Millbrook and Sir Michael's The Hills.
Mr Ishii (77) has an option to extend the deal for a further five years, something the Japanese businessman says he plans to exercise.
''Our intention is to prolong that agreement as long as possible - 10 years, 20 years.''
''There is a risk, of course, and we must spend perhaps more on expenditure each year, but in the long run it is very beneficial.
''It is on TV not just in New Zealand and Australia but also Japan, in Japanese language.''
If famous, top-rated Japanese pros play every year, he thinks the tournament will become ingrained in Japanese culture - ''in spring they watch the NZ Open'', Mr Ishii said.
''They will be motivated to come over here, and that benefits Queenstown as a whole.''
The BMW-sponsored Open is a $1million Tier One event on the PGA Tour of Australasia, partnered with the Japan Golf Tour.
It runs in conjunction with a pro-am, in which public figures, including Prime Minister John Key, celebrities such as English cricketer Sir Ian Botham and actor Don Cheadle, and amateurs play alongside the pros, mostly in the initial rounds.
Mr Ishii says the tournament also attracts high-ranking Japanese business people.
The decision to underwrite the tournament was ''relatively quick'', he said, and made with both his head and his heart.
Sir Michael was a driving force behind the Open returning to Queenstown from Christchurch in 2012.
It has been held across both courses, with two days at Millbrook and four at The Hills.
The Hills managing director Emma Hill is ''thrilled'' that Ishii and Millbrook share her family's vision.
NZ Golf boss Dean Murphy said the organisation is delighted to secure the Open at Arrowtown for the foreseeable future.
He thanks the Hill family's considerable contribution and Ishii's remarkable generosity.
Organising committee chairman John Hart said securing the two ''magnificent'' courses for a minimum five years gave the tournament the impetus to continue growing. He also acknowledged government support, now $700,000 a year.
Millbrook will expand from 27 to 36 holes over the coming years, after purchasing neighbouring Dalgleish Farm.
Queenstown-Lakes District Council chief executive Adam Feeley also welcomed the news, saying it reinforced Queenstown's reputation, promoted it to an international audience and delivered ongoing economic benefits.
The 2016 tournament will be played from March 10 to March 13.
