At the risk of boring my readers rigid with yet another post about the Sky City Convention Centre, let me be as brief as I can.The New Zealand Herald has been highly critical of Sky City Entertainment Group Ltd [SKC.NZX] in the past in its pages but has come out earlier this week and fully backed the company in its proposal to fund a National Convention Centre for the benefit of all New Zealanders:
The strongest argument for Sky City building and fully funding its construction and ongoing costs is encompassed in the following key paragraphs:
"But if SkyCity can make a convention centre pay without need of a public subsidy, its case is better. It means the public will not be taking on the risk that the centre will not attract sufficient conferences on the scale required - a risk all the greater when it is operated by a public body with public finance to fall back on.
SkyCity will carry the risk, giving it every incentive to compete keenly with other international conference destinations. Auckland's interest will be carried by a company that already runs a smaller convention centre with its casino. It is, as a Labour Party spokesman complains, a "multinational". It knows the business and must have confidence that Auckland can compete.
It is not clear whether the company's request for additional casino capacity is vital to its convention plans. It may be that the only thing the company needs from the Government is an assurance that it will not fund a competing facility. No business can compete with a bottomless public purse.
SkyCity has proven its competence and its commitment to Auckland. This investment offers more jobs, more visitors, more business for the city at no public outlay. In the end, that must recommend it." NZ Herald, 14 June 2011
The issues over negotiating details around gaming law changes are a moot point and sides taken by various members of the public must not cloud the ultimate aim of the convention centre and that is to provide a stimulas to the economy at a time when the country is suffering the worst recession since the Great Depression at no risk to the local or state governments.
That clearly must be applauded whatever side you come down on in terms of politics and attitudes to gaming.
Disc: I own SKC shares in the Share Investor Portfolio
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