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ICE Pivot From Warehouse Plan Funnels Cash To Private Prison Owners
['Chloe Gallivan', 'South Florida']
Bisnow News Feed
Now ICE has turned back to CoreCivic and Geo Group to expand detention capacity.
Geo Group and CoreCivic's share prices have doubled since their February nadirs, far outpacing the overall stock market.
Those deals were on top of the $1.5B ICE paid CoreCivic for the 2,560-bed California City Detention Facility and the 1,994-bed Otay Mesa Detention Center last month.
Geo Group is riding a similar wave, with profits up 63%, according to its second-quarter earnings report.
Geo Group expects the sites to be up and running fully by early next year.