Geo Group Reached Court Settlement For Full Intake At Its 1,940-Bed Adelanto ICE Processing Center In California

The GEO Group, Inc. (NYSE:GEO) ("GEO" or the "Company") announced today that the U.S. District Court, Central District of California (the "Court") has approved a settlement in the case of Roman v. Wolf, which allows for immediate full intake at the GEO-owned, 1,940-bed Adelanto ICE Processing Center in California (the "Adelanto Center").

The Court had previously issued several injunction orders, including an intake prohibition order issued more than four years ago, limiting the use of the Adelanto Center based on then-prevailing COVID-19 conditions.

At full occupancy, the Adelanto Center contract would be expected to generate up to approximately $31 million in additional incremental annualized revenues for GEO, with margins consistent with GEO's company-owned Secure Services facilities.

ICE and GEO entered into a 15-year contract on December 19, 2019, for the provision of secure residential housing and support services at the Adelanto Center, consisting of a five-year base period followed by two five-year option periods. The current contract option period is effective through December 19, 2029.