CoreCivic, Inc. (NYSE: CXW) announced today that it has been awarded two new contracts with U.S. Immigration and Customs Enforcement ("ICE") to utilize 3,593 beds at two facilities we own in core enforcement areas of the United States. Once fully activated, the company expects to generate total annual revenue at the two facilities combined of nearly $200 million.
One was a new contract with ICE to utilize our 2,560-bed California City Immigration Processing Center. “We have been preparing to accept detainees at this facility since April 1,” this morning’s news release read, “when we entered into a six-month Letter Contract with ICE to resume operations at the facility while we worked to negotiate and execute a longer-term contract.”
Another new contract with ICE was at its 1,033-bed Midwest Regional Reception Center in Leavenworth, Kansas. “We entered into a six-month Letter Contract with ICE on March 7,” further into the release, “to begin activation efforts at the facility while we worked to negotiate and execute a longer-term contract. Although we have been successful in hiring staff and have prepared the facility to accept detainees during this term, the intake process has been delayed by legal challenges.”
CXW shares began Monday up 69 cents, or 3.2%, to $22.24.
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