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Stock Market & Financial Investment News

News Breaks
April 30, 2014
08:36 EDTGEOGeo Group announces 640-bed expansion of Adelanto detention facility in CA
The GEO Group announced a 640-bed expansion to the company-owned, 1,300-bed Adelanto Detention Facility in California under an amendment to the existing contract with the City of Adelanto. GEO will finance, develop, and manage the $45M expansion, which will increase the Facility’s total capacity to 1,940 beds and is expected to generate approximately $21M in additional annualized revenues. GEO expects to complete the 640-bed expansion and begin intake by July 2015. The City of Adelanto has an agreement to provide detention and transportation services for U.S. Immigration and Customs Enforcement.
News For GEO From The Last 14 Days
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July 6, 2015
08:48 EDTGEOGEO Group activates company-owned facilities in Oklahoma, Michigan, California
The GEO Group announced the activation of three company-owned facilities totaling 4,320 beds in Oklahoma, Michigan, and California. In early June 2015, GEO began the intake of offenders at the 1,940-bed Great Plains Correctional Facility in Hinton, Oklahoma under a 10-year contract with the Federal Bureau of Prisons. In late June 2015, GEO also began the intake of inmates from the State of Vermont at the 1,740-bed North Lake Correctional Facility in Baldwin, Michigan under a five-year agreement with the Vermont Department of Corrections. Under the contract, GEO will provide comprehensive correctional management services, including the provision of industry-leading, evidence-based offender rehabilitation programs under the ‘GEO Continuum of Care.’ On July 1, 2015, GEO activated a 640-bed expansion and began the intake process at the Adelanto Detention Facility in Adelanto, California under the existing contractual structure with the City of Adelanto and U.S. Immigration and Customs Enforcement.

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