- GEO Group's (NYSE:GEO) contract with the Immigration and Customs Enforcement for the Montgomery Processing Center in Conroe, TX, is expanded by 314 beds to 1,314 beds.
- The increase is expected to be operational in September 2019 and to generate incremental annualized revenue of ~$10M.
- Separately, GEO's Australian subsidiary is in talks with the State of Victoria to increase the capacity at Ravenhall Correctional Centre by 300 beds, increasing the Centre's total capacity to 1,600 beds.
- That expansion is expected to generate incremental annualized revenue of $19M.
- GEO recently completed a notes offering to refinance debt related to Ravenhall.