There's also a good chance she is spending more per trip these days, according to a recent study prepared by Wall Street investment banking firm Bear, Stearns & Co.

The trends that Station Casinos Inc. has been touting for the past several years -- dominant locals casino operator plus population and job growth equals higher gambling revenue -- is succinctly demonstrated in a February survey conducted by Bear Stearns of more than 250 locals at various locals casinos.

The results of the survey, released this month, are perhaps no surprise to anyone who has spent any amount of time at a locals casino. The survey is nevertheless evidence to back up the hunch that a significant number of locals are increasing the amount they tend to spend at locals casinos and are visiting more often to boot.

All of which helps bolster Station's surprise announcement last week that it expects to spend a stunning $800 million on its upcoming Red Rock Station resort in Summerlin. It's an aggressive plan that has many wondering how the company will top Green Valley Ranch Station Casino -- on track to yield more than $100 million in operating cash flow this year on a $425 million total investment.

Red Rock -- expected to yield $120 million in operating cash flow in a few years -- would need to yield more than $200 million in operating cash flow to generate a similar return.

These are Strip-like numbers. Treasure Island, for example, generated $109 million in operating cash flow last year, compared with $170 million at Mirage.

Station Casinos -- the perennial darling of Wall Street with the most land developed and available for locals casinos -- holds a firm No. 1 spot with 50 percent of respondents saying that company offers the best overall experience, according to the Bear Stearns survey. Boyd Gaming Corp. and its Coast Casinos properties came in second, with 28 percent giving the company a top rating.

Of those surveyed, 27 percent said they had increased their overall spending at locals casinos. Of the 27 percent, 75 percent said they increased it by $10 or less per visit, 16 percent by $11 to $25 and 9 percent by $25 or more.

About 47 percent said they spend more than $40 per visit, while another 40 percent said they spend between $21 and $40 per visit. The remainder said they spend less than $20 per visit.

When asked how often they gambled at the particular casino where they were surveyed, 25 percent of customers said "once a month" followed by 22 percent who said it was their first time visiting that casino. Another 19 percent said they gambled there once a week followed by 18 percent who said they gambled there two to three times per month. Only 11 percent said they gambled at that casino two to three times a year or less while 5 percent gambled there daily.

"We believe this indicates a significant number of repeat visitors" as well as a good chunk of first-time visitors who represent potential new customers, gaming stock analyst and study author Joe Greff said.

Greff, not surprisingly, has an "outperform" rating on Station's stock and is one of the most bullish analysts on the gaming company. Station is already trading at 13 times the company's operating cash flow estimate for this year.

"These are among the highest multiples in our coverage universe and we think they are justified," Greff wrote in the report. On the banking side, Bear Stearns is among those firms that aims to get business from Station and other casino companies.

Household incomes also are rising, the Bear Stearns survey found. "Coupled with steady population growth in the Las Vegas Valley, this should yield increasing local gaming revenue for the next several years," Greff wrote.

More than half -- 58 percent -- of customers surveyed said their household income was more than $50,000 per year, while 37 percent said their household income was between $25,000 and $50,000 per year.

An equal number of gamblers -- 36 percent -- are more than 60 years old or are between 40 and 60 years old. The remaining 28 percent were between 21 and 40 years old.

While most local gamblers -- 58 percent -- said they never visited the Strip, customers who do make that trek tend to be younger.

About 82 percent of respondents who visit the Strip at least once a month were in the 21 to 40-year-old age group, the survey found.

The greatest percentage of locals -- about 36 percent -- said they were attracted to a particular casino because it was close by. Loyalty cards also are important, with about 18 percent saying their players club card attracted them to a particular casino.

Perhaps even more important to gamblers are nongaming amenities, the survey found. Some 43 percent of respondents said they were attracted to a particular casino because of particular nongaming amenities including bowling alleys, movie theaters, buffets, restaurants, bars and entertainment.

Liz Benston covers gaming for In Business Las Vegas and its sister publication, the Las Vegas Sun. She can be reached at (702) 259-4077 or by e-mail at benston@lasvegassun.com.