CoreCivic and GEO Group Report Revenue Surge From ICE Contracts

Private prison operators CoreCivic, Inc. and The GEO Group, Inc. reported substantial second-quarter revenue growth fueled by expanded contracts with U.S. Immigration and Customs Enforcement (ICE). CoreCivic, Inc. saw its revenue increase by 27 percent, a jump bolstered by the $1.6 billion sale of four detention centers to the government agency.

The GEO Group, Inc. reported a 15 percent revenue increase, attributing the gains to housing immigrants and the deployment of ankle monitoring technology. George C. Zoley, CEO of The GEO Group, Inc., indicated that the loss of temporary protected status for Haitians is expected to further increase demand for tracking services.

Both companies attribute their financial success to ICE detaining more immigrants and activating idle private facilities. This revenue surge coincides with record levels of detainee deaths and ongoing reports of inadequate medical care. Both operators maintain that their facilities adhere to national detention guidelines.