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GEO Group gets one expansion, in talks for another

Jun. 05, 2019 7:23 AM ETThe GEO Group, Inc. (GEO) StockBy: Liz Kiesche, SA News Editor6 Comments
  • 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.

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