{"id":823377,"date":"2025-03-10T06:03:38","date_gmt":"2025-03-10T10:03:38","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/the-geo-group-announces-contract-modification-for-company-owned-1328-bed-karnes-ice-processing-center\/"},"modified":"2025-03-10T06:03:38","modified_gmt":"2025-03-10T10:03:38","slug":"the-geo-group-announces-contract-modification-for-company-owned-1328-bed-karnes-ice-processing-center","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-geo-group-announces-contract-modification-for-company-owned-1328-bed-karnes-ice-processing-center\/","title":{"rendered":"The GEO Group Announces Contract Modification for Company-Owned, 1,328-Bed Karnes ICE Processing Center"},"content":{"rendered":"

<\/p>\n

The GEO Group Announces Contract Modification for Company-Owned, 1,328-Bed Karnes ICE Processing Center<\/b><\/p>\n

BOCA RATON, Fla.–(BUSINESS WIRE<\/a>)–The GEO Group, Inc. (NYSE: GEO)<\/b> (\u201cGEO\u201d or the \u201cCompany\u201d) announced today that U.S. Immigration and Customs Enforcement (\u201cICE\u201d) has entered into a contract modification of the current intergovernmental service agreement (\u201cIGSA\u201d) for the GEO-owned, 1,328-bed Karnes ICE Processing Center (the \u201cCenter) in Karnes City, Texas to transition the Center from housing adult males only to housing mixed populations. GEO provides support services for ICE at the Center under an IGSA between Karnes County and ICE, that is effective through August 2029. GEO\u2019s support services include the exclusive use of the Center by ICE, along with security, maintenance, and food services, as well as access to recreational amenities, medical care, and legal counsel.\n<\/p>\n

\nUnder the revised IGSA, GEO is expected to generate approximately $79 million in annualized revenues in the first full year of operations, which is expected to represent incremental annualized revenues of approximately $23 million, with margins consistent with GEO\u2019s company-owned Secure Services facilities.\n<\/p>\n

\nGeorge C. Zoley, Executive Chairman of GEO, said, \u201cOur company-owned Karnes ICE Processing Center has played an important role in helping ICE meeting the diverse policy priorities of four Presidential Administrations. We are proud of our 40-year public-private partnership with the agency, and we stand ready to continue to help the federal government meet its expanded immigration enforcement priorities.\u201d\n<\/p>\n

About The GEO Group<\/strong><\/p>\n

\nThe GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO\u2019s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care\u00ae, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO\u2019s worldwide operations include the ownership and\/or delivery of support services for 99 facilities totaling approximately 79,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.\n<\/p>\n

Use of forward-looking statements<\/b><\/p>\n

\nThis news release may contain \u201cforward-looking statements\u201d within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO\u2019s filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250307822674\/en\/<\/a><\/span><\/p>\n

\nPablo E. Paez, (866) 301 4436
\n
Executive Vice President, Corporate Relations\n<\/p>\n

KEYWORDS:<\/b> United States North America Florida Texas<\/p>\n

INDUSTRY KEYWORDS:<\/b> Public Policy\/Government Construction & Property REIT Law Enforcement\/Emergency Services<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
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The GEO Group Announces Contract Modification for Company-Owned, 1,328-Bed Karnes ICE Processing Center BOCA RATON, Fla.–(BUSINESS WIRE)–The GEO Group, Inc. (NYSE: GEO) (\u201cGEO\u201d or the \u201cCompany\u201d) announced today that U.S. Immigration and Customs Enforcement (\u201cICE\u201d) has entered into a contract modification of the current intergovernmental service agreement (\u201cIGSA\u201d) for the GEO-owned, 1,328-bed Karnes ICE Processing Center (the \u201cCenter) in Karnes City, Texas to transition the Center from housing adult males only to housing mixed populations. GEO provides support services for ICE at the Center under an IGSA between Karnes County and ICE, that is effective through August 2029. GEO\u2019s support services include the exclusive use of the Center by ICE, along with security, maintenance, and food services, as well as … <\/p>\n

Continue reading “The GEO Group Announces Contract Modification for Company-Owned, 1,328-Bed Karnes ICE Processing Center”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-823377","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nThe GEO Group Announces Contract Modification for Company-Owned, 1,328-Bed Karnes ICE Processing Center - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-geo-group-announces-contract-modification-for-company-owned-1328-bed-karnes-ice-processing-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The GEO Group Announces Contract Modification for Company-Owned, 1,328-Bed Karnes ICE Processing Center - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"The GEO Group Announces Contract Modification for Company-Owned, 1,328-Bed Karnes ICE Processing Center BOCA RATON, Fla.–(BUSINESS WIRE)–The GEO Group, Inc. (NYSE: GEO) (\u201cGEO\u201d or the \u201cCompany\u201d) announced today that U.S. Immigration and Customs Enforcement (\u201cICE\u201d) has entered into a contract modification of the current intergovernmental service agreement (\u201cIGSA\u201d) for the GEO-owned, 1,328-bed Karnes ICE Processing Center (the \u201cCenter) in Karnes City, Texas to transition the Center from housing adult males only to housing mixed populations. GEO provides support services for ICE at the Center under an IGSA between Karnes County and ICE, that is effective through August 2029. 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