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GEO Group Inks Two New Contracts With U.S. Immigration And Customs Enforcement

REIT GEO Group (GEO) announced Monday the signing of two new contracts with U.S. Immigration and Customs Enforcement or ICE, for five company-owned facilities in California totaling 4,490 beds. The contracts will have terms of 15 years, inclusive of two five-year options, effective December 20, 2019.

The contracts cover two existing, company-owned facilities currently operated by GEO on behalf of ICE, the 1,940-bed Adelanto ICE Processing Center and the 400-bed Mesa Verde ICE Processing Center. The contracts also incorporate three other company-owned facilities - the 700-bed Central Valley MCCF, the 750-bed Desert View MCCF, and the 700-bed Golden State MCCF, as facility annexes.

On a combined basis, the contracts are expected to generate over $200 million in annualized revenues for GEO and will support more than 1,200 full-time jobs.

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