Geo Group granted 15-year contract by U.S. Immigration and Customs Enforcement

Geo Group (GEO) has been awarded a 15-year, fixed-price contract by U.S. Immigration and Customs Enforcement to provide support services for the establishment of a federal immigration processing center at the company-owned, 1,000-bed Delaney Hall Facility in Newark, New Jersey. Geo ‘s support services include the exclusive use of the Facility by ICE, along with security, maintenance, and food services, as well as access to recreational amenities, medical care, and legal counsel. The new support services contract is expected to generate in excess of $60M in annualized revenues for Geo in the first full year of operations, with margins consistent with Geo’s company-owned Secure Services facilities. Geo estimates the 15-year value of the contract with normal cost of living adjustments to be approximately $1B. Geo expects to reactivate the Facility in Q2 with revenues and earnings from the new contract normalizing during the second half of 2025.