GEO Group redeems $650 million of notes and lifts its buyback to $1.25 billion
The detention contractor is calling its 2029 secured notes, extending its revolving credit facility to 2031 and raising the amount of stock it may repurchase.
Detention Economy
GEO Group files a federal challenge to California’s new detainee law
The private prison operator sued the state attorney general over SB 942, the statute it calls an unconstitutional attempt to regulate immigration detention.
DHS pays GEO Group $950 million for California detention sites
The government is buying the buildings while the private operator keeps the management contracts.
DHS pays $950 million for California ICE jails as GEO redeems $650 million of notes
The federal government is buying detention real estate outright while the operator clears secured debt and opens room for buybacks.
DHS pays $950 million for GEO Group’s Adelanto detention complex
The federal government bought three California immigration detention facilities from GEO Group, which will keep operating them.
GEO Group sells three Adelanto ICE facilities to the government for $950 million
The private prison operator keeps the service contract, lifts its buyback and raises guidance, while the shares send mixed signals.
California imposes a 25% tax on private immigration detention operators
Governor Newsom signed AB 1633, described as the first US law taxing private ICE detention companies.
Supreme Court Takes Up ICE Detention Policy as Private Operators Expand
The justices agreed to review mandatory immigration detention in the same week an operator signed a 355 million dollar contract and Colorado sued to block another.
Supreme Court takes up the administration’s mandatory immigration detention policy
The justices agreed to review a policy that holds tens of thousands of immigrants in detention.
Colorado sues to block GEO Group’s planned ICE detention centre in Hudson
The state’s attorney general asked a federal court to void the contract and halt work on a former prison that the company would reopen for immigration detention.
Watchdog finds ICE wasted millions in its detention build-out
A Government Accountability Office report says the agency spent without a strategic plan, including on tents and warehouses that went unused.
CoreCivic chief executive resigns for health reasons and a company veteran takes over
Patrick Swindle steps down after less than a year to treat pancreatic cancer, and Lucibeth Mayberry becomes president and chief executive.
Watchdog finds ICE wasted funds rushing to buy detention capacity
A Government Accountability Office report says the immigration agency committed billions to new detention initiatives without the analysis or the strategic plan to support them.
Watchdog finds ICE wasted tens of millions on detention projects it never contracted
A GAO report released by three Senate Democrats found that Immigration and Customs Enforcement and other agencies spent public money on detention sites chosen without the planning the expansion required.
ICE signs billions in new detention contracts as GEO Group shares slide
Federal detention capacity is expanding across several states while the largest listed operator’s stock falls on a detainee transfer.
Private prison operators trade near highs as ICE detention revenue grows
CoreCivic is close to a fifty-two week high on detention contracts, while GEO Group faces a state lawsuit and a contract renewal vote.