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Thank goodness for refundable deposits. Rather than invest in a low return project in Kansas near the Oklahoma border, PENN walked away and got its deposit back. It’s not a question of funding. PENN could have easily developed and paid for the $265 million project. However, the demographics, local economy, and competition from Oklahoma justified an investment of roughly half that amount. The project works at $125 million. Kansas required more. Stay tuned, I’m not entirely sure this is over.

It’s good to see that the $1.5bn in excess liquidity is not burning a hole in their pocket. This is yet another example of PENN management being good stewards of shareholder capital.
Cherokee county borders Oklahoma