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Actually, experience in the Geysers field in California shows you need to drill again rather quickly, owing to low heat conductivity of rock. Over human timescales, geothermal is definitely depletable, but you can compensate by constantly developing adjacent areas. This continual drilling has to be allowed for in your cost estimates, of course.
There's one other thing which has been done that's a bit odd at the Geysers: they're pumping (treated) sewage into the geothermal field to compensate for steam depletion. It regularly causes small earthquakes as the water vaporizes in steam explosions underground.