GEO Group information

The GEO Group, Inc.
Company type	Public company
Traded as	NYSE: GEO; S&P 600 component
Industry	Security
Predecessor	The Wackenhut Corporation
Founded	1984; 40 years ago (as Wackenhut Corrections Corporation (WCC))
Founder	George Zoley
Headquarters	Boca Raton, Florida, U.S.
Number of locations	102 facilities
Area served	United States; Australia; South Africa; United Kingdom;
Key people	Jose Gordo, CEO; George Zoley, Executive Chairman; Brian R. Evans, CFO;
Products	Private prisons; Mental health facilities;
Revenue	$2.256 billion (2021)
Net income	$77.2 million (2021)
Total assets	$4.537 billion (2021)
Total equity	$975 million (2021)
Number of employees	18,000 (2021)
Subsidiaries	GEO Care, Inc.; The GEO Group Australia; GEO Transportation, Inc.; The GEO Group UK Ltd.; GEO Corrections Holdings Inc.;
Website	www.geogroup.com
	Footnotes / references;

The GEO Group, Inc. (GEO) is a publicly traded C corporation that invests in private prisons and mental health facilities in the United States, Australia, South Africa, and the United Kingdom. Headquartered in Boca Raton, Florida, the company's facilities include illegal immigration detention centers, minimum security detention centers, and mental-health and residential-treatment facilities. It also operates government-owned facilities pursuant to management contracts. As of December 31, 2021, the company managed and/or owned 86,000 beds at 106 facilities.^[1] In 2019, agencies of the federal government of the United States generated 53% of the company's revenues.^[1] Up until 2021 the company was designated as a real estate investment trust, at which time the board of directors elected to reclassify as a C corporation under the stated goal of reducing the company's debt.^[1]

The company has been the subject of civil suits in the United States by prisoners and families of prisoners for injuries due to riots and poor treatment at prisons and immigrant detention facilities which it has operated. In addition, due to settlement of a class-action suit in 2012 for its management of Walnut Grove Youth Correctional Facility in Mississippi, the GEO Group lost its contract for this and two other Mississippi prisons (which it had been operating since 2010). Related federal investigations of kickback and bribery schemes associated with nearly $1 billion in Mississippi state contracts for prisons and related services have resulted in the criminal prosecution of several public officials in the state. In February 2017, the state attorney general announced a civil suit for damages, to recover monies from contracts completed in the period of corruption. In August 2016, the U.S. Department of Justice announced its intention to phase out contracts with privately operated prisons. The U.S. Department of Homeland Security said it was reviewing its contracts with private firms, which operate several immigrant detention facilities. In the spring of 2017, officials of the Donald Trump administration said they would be reviewing this policy. In September 2019, California Governor Gavin Newsom announced that he would terminate California's contract with GEO's Central Valley Modified Community Correctional Facility in McFarland.^[2]

^ ^a ^b ^c ^d "The GEO Group, Inc. 2019 Form 8-K Annual Report". U.S. Securities and Exchange Commission.
^ Strode, Maureen (September 27, 2019). "CDCR stops housing inmates at 700-bed private prison in McFarland". Bakersfield Californian. Retrieved September 28, 2019.

[8K-1] "The GEO Group, Inc. 2019 Form 8-K Annual Report". U.S. Securities and Exchange Commission.

[Bakersfield-2] Strode, Maureen (September 27, 2019). "CDCR stops housing inmates at 700-bed private prison in McFarland". Bakersfield Californian. Retrieved September 28, 2019.

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