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U.S. private prison revenue under pressure from new Bid...


By Kate Duguid
Shares in GEO Group and CoreCivic took a hit on Tuesday after Biden signed an executive order to roll back the U.S. government’s use of private prisons, a part of what he called an initiative to tackle systemic racism.
Tuesday’s action left both stocks near their lowest levels in more than a decade.
Shares of GEO and CoreCivic had already been walloped in the past year as COVID-19 restrictions at the U.S.-Mexico border and capacity restrictions for health reasons kept facilities they operate for U.S. Immigration and Customs Enforcement (ICE) well below capacity. ....

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U.S. private prison revenue under pressure from new Biden rules


3 Min Read
NEW YORK, Jan 27 (Reuters) - CoreCivic and the GEO Group, two of the largest U.S. private prison companies, could lose as much as a quarter of their revenue, about $1 billion a year between them, under new limits on the sector from President Joe Biden.
Shares in GEO Group and CoreCivic took a hit on Tuesday after Biden signed an executive order to roll back the U.S. government’s use of private prisons, a part of what he called an initiative to tackle systemic racism.
Tuesday’s action left both stocks near their lowest levels in more than a decade. ....

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