There's also a long feature article on Station Casinos in next Monday's Investors Business Daily (published today). Quite favorable to Stations, particularly their investments that back Indian casinos with not money, just a guarantee on the Indians' loan. They typically get 24% of the profits if I remember correctly. That works out to infinite return on investment [g].

Here's an excerpt from the article:

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But analysts sound more excited by Station Casinos' new venture as manager of American Indian tribal casinos.

It runs the Thunder Valley Casino for the United Auburn Indian Community casino in Lincoln, Calif. In April, the Federated Indians of Graton Rancheria in Sonoma County, Calif., signed Station Casinos to help the tribe create and run a new casino.

Station Casinos guarantees loans the tribal groups need to build the casinos. In return, the tribes pay Station Casinos 24% of net income, Christenson says. Station Casinos also helps design the facilities.

That's not as easy as it sounds, Christenson says. Among other things, you have to make sure the facility is a good fit with local surroundings.

"People think you throw up four walls and add slot machines," Christenson said.

Station Casinos looks to expand its business with Indian-owned casinos beyond California and into other states across the nation.

Though Christenson won't say how much the work will add to the company's business, analyst Cogan says deals with tribes will be "hugely" accretive.