A combination of savvy debt-management and Native American gaming partnerships is fueling earnings growth at Station Casinos ( STN), with a number of Wall Street brokerages boosting estimates on Friday. On Friday, Station announced an agreement with the North Fork Rancheria of Mono Indians to manage and develop a casino in Madera County, in California's Central Valley. This is the latest in a string of Native American partnerships from the casino operator, best known for casinos that cater to the Las Vegas locals' market, like the Wild Wild West Gambling Hall & Hotel. Shares of Station rose $1.40, or 3.7%, to $39.73 on news of the deal and rising estimates. In order to begin development, the tribe must receive approval from national authorities and the state of California, which could be a contentious issue. "While Station has secured two parcels of land for the benefit of the tribe, a compact with the state must be negotiated, land must be brought into trust, and the National Indian Gaming Commission must approve the management agreement," said William Lerner, gaming analyst at Prudential Equity Group, who boosted his price targets and estimates on the company. Under the terms of the agreement, Station Casinos will advance funds and handle the financial arrangements for the casino development, which is expected to cost less than $225 million and include 2,000 slot machines and 70 table games. Once the casino is up and running, the tribe will reimburse Station for the money it initially laid out and pay Station 24% of the casino's net income. Once open, Prudential estimates North Fork could add between 7 cents and 10 cents to Station's earnings per share on a pro-forma basis. The structure of the North Fork deal highlights one of the big reasons why Station and rivals like Caesars Entertainment ( CZR) are partnering with tribes on casino projects. For both parties, the move is a win-win. The casinos get a generous return on an extremely small initial investment, while tribes gain access to capital, an established brand name and experienced management.