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Private Prison Operators Report $1.4 Billion Quarterly Revenue Amid Detention Increase
Just the facts
Major private detention providers GEO Group and CoreCivic disclosed $1.4 billion in quarterly revenue as federal immigration enforcement operations increased the population of detained immigrants. The financial reporting did not include an additional $1.6 billion in net proceeds generated by CoreCivic from the recent sale of four detention facilities directly to the Department of Homeland Security. Demand for detention beds has grown as federal immigration authorities expand custody operations along the southern border and nationwide. Corporate executives noted that contractual agreements with federal agencies are expected to maintain steady occupancy rates across their detention facilities.
Why this is news
Private prison operators GEO Group and CoreCivic reported quarterly financial results showing a combined revenue of $1.4 billion, driven by increased federal immigration detentions.
Sources
This summary is compiled strictly from the original reporting below.