It's a good sign for a "locals" casino operator when it dominates each of the markets it competes in. It also doesn't hurt to be the dominant locals casino operator in Las Vegas, the hottest market of them all.

This morning, Station Casinos (NYSE:STN) showed its might, posting same-store revenue growth of 17% at its Las Vegas casinos for the fourth quarter. The company owns and operates a broad range of large casinos across the Las Vegas market, including Palace Station, Boulder Station, Texas Station, and Sunset Station, as well as a pair of casinos under the Fiesta brand. Station also owns a few other casinos under various brands in the market, maintains a 50% stake in the upscale Green Valley Ranch in Henderson, and manages the Thunder Valley casino near Sacramento, Calif.

For the quarter, the company's revenues climbed 15% to $264.7 million. Meanwhile, EBITDA (earnings before interest, taxes, depreciation, and amortization) climbed 27% to $107.1 million, boosting the EBITDA margin from an already-impressive 34.3% to an astounding 39.2%. Adjusted for one-time expenses and development costs, earnings increased 38% to $0.58 per share.

Station Casinos had forecast EBITDA of $94 million to $98 million and adjusted earnings of $0.48 to $0.52 per share.

The successes of Las Vegas Strip operators such as MGM Mirage (NYSE:MGG), Las Vegas Sands (NYSE:LVS), and Harrah's Entertainment (NYSE:HET) has no doubt contributed to the fortunes of Station Casinos and rival locals operator Boyd Gaming (NYSE:BYD). In the earnings release, Station Casinos president Lorenzo J. Fertitta said that its business "is a reflection of the significant population growth, the 43,000 new jobs that were created in the past 12 months," and other substantial development in the community.

Station Casinos expects its explosive growth to continue, forecasting EBITDA of $107 million to $113 million for the first quarter, with adjusted earnings of $0.56 to $0.52 per share. For the full year, the company expects EBITDA to jump from $385.4 million in fiscal 2004 to between $425 million and $440 million in fiscal 2005. Earnings, which rose 65% to $2.10 per share in fiscal 2004, are expected to climb to $2.22 to $2.35 per share.

Station Casinos carries a substantial premium, with an enterprise value of about 11.5 times 2005 EBITDA. While the stock isn't cheap, the company is a long-term hold as a best player with little prospect for competition.

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Fool contributor Jeff Hwang owns none of the companies mentioned above.