The GEO Group GEO announced today that it has signed a contract
with U.S. Immigration and Customs Enforcement for the continued
management of the company-owned 1,904-bed South Texas Detention Center located in Pearsall, Texas.
The new contract will have a term of approximately five years effective
through November 30, 2016, inclusive of renewal option periods. Under the
terms of the agreement, the contracted capacity at the Center will be 1,800
beds with a 75 percent occupancy guarantee and the ability to surge to 1,900
beds. The new contract is expected to generate approximately $45.0 million in
annualized revenues at the full occupancy level of 1,800 beds, inclusive of
regular transportation responsibilities.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in