Between DEN and PHX is really a tough one. Cons: DEN has high costs and aggressive expansion by SWA and F9, PHX has huge SWA presence and lower yields. Pros: DEN facilities and central location, PHX population growth, weather. Bottom line is SWA is gonna be big after F9 goes away and the DEN and PHX yields will be the same in time. With the high cost of facilities it may be hard to stay in DEN when it turns into a low cost hub for SWA. In the end PHX and DEN both reduced 20% but remain small hubs, SWA gains 50% of the market in both cities.