Geo Group (GEO) said Thursday it has secured a 15-year, fixed-price contract from the US Immigration and Customs Enforcement to establish a immigration processing center at the company's 1,000-bed Delaney Hall Facility in Newark, New Jersey.
The contract is expected to generate more than $60 million in annualized revenues in the first full year of operations, and revenues and earnings from the contract will be normalized in H2 2025, Geo said. The 15-year value of the contract with normal cost of living adjustments is estimated to be roughly $1 billion.
The company will provide support services for the facility as part of the contract. Services include the exclusive use of the facility by the federal agency, along with security, maintenance, and food services, as well as access to recreational amenities, medical care, and legal counsel.
Geo expects to reactivate the facility in Q2.
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