GEO Group signs ICE contract for 1,188-bed Colorado facility

The GEO Group, Inc. (NYSE: GEO) has entered into a five-year support services contract with U.S. Immigration and Customs Enforcement for the activation of a federal immigration processing center at the 1,188-bed Big Horn Facility in Hudson, Colorado, according to a company statement.

GEO has also entered into a lease agreement with the facility's owner. The contract is expected to generate approximately $85 million in annual revenues in the first full year of operations, excluding transportation revenue.

Under the contract, GEO's support services are expected to 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.

George C. Zoley, GEO's Chairman, Chief Executive Officer and Founder, said, "We expect that our company-leased Big Horn Facility in Colorado will play an important role in helping meet the need for increased federal immigration processing center bedspace."

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