CoreCivic

CoreCivic, Inc. (NYSE:CXW ) Q1 2025 Earnings Conference Call May 8, 2025 11:00 AM ET Company Participants Michael Grant - MD, IR Damon Hininger - CEO Patrick Swindle - President & COO David Garfinkle - CFO Brian Hammonds - VP, Finance Conference Call Participants Joe Gomes - Noble Capital Jay McCanless - Wedbush M. Marin - Zacks Greg Gibas - Northland Securities Benjamin Briggs - StoneX Financial Kirk Ludtke - Imperial Capital Jordan Hymowitz - Philadelphia Financial Management of San Francisco Operator Good day and thank you for standing by.» Mehr auf seekingalpha.com

Increased Occupancy and New Contracts Propel Strong Financial Performance Raises 2025 Full Year Guidance Increased Occupancy and New Contracts Propel Strong Financial Performance Raises 2025 Full Year Guidance» Mehr auf globenewswire.com

NEWARK, NJ — U.S. Immigration and Customs Enforcement (ICE) has begun housing prisoners at a controversial new immigration detention facility in New Jersey’s largest city, the agency says. On Monday, a spokesperson confirmed that ICE started housing detainees at Delaney Hall in Newark on May 1. No data was immediately available about how many detainees are currently at the facility – which has seen harsh criticism and protest from immigrant rights advocates and local officials. Updates statistics that could include Delaney Hall will be available within the coming weeks at the federal agency’s enforcement data website, ICE spokespeople told Patch. The mayor’s office is planning to hold a news conference to discuss updates on Delaney Hall on Monday morning. Check back for updates. In February, federal officials announced plans to reopen Delaney Hall in Newark. The 1,000-bed facility will be the first federal detention center to open under President Donald Trump’s second term. Read More: ICE Detention Center In NJ Is First To Open Under Trump's New Term The move will allow ICE to expand its detention capacity in the Northeast region of the country. It will also aid with deportations. Trump has insisted that a nationwide crackdown is needed to push back against a “large-scale invasion” of illegal immigration. “This cannot stand,” Trump said after being inaugurated for his second term. “A nation without borders is not a nation, and the federal government must act with urgency and strength to end the threats posed by an unsecured border.” The facility’s owner, the GEO Group – one of the largest private prison companies in the nation – was recently awarded a 15-year contract that it valued at $1 billion to run the new detention center. “We are continuing to prepare for what we believe is an unprecedented opportunity to help the federal government meet its expanded immigration enforcement priorities,” GEO Group executive chair George Zoley said. Meanwhile, advocates have argued that the reopening of Delaney Hall – which formerly held immigration detainees until it closed in 2017 and was turned into a halfway house – is a severe blow to constitutional rights. It’s also a violation of New Jersey state law, advocates say. Under a 2021 state law, all prisons in New Jersey – public or private – are banned from making new contracts with ICE to hold federal detainees. Prisons also can’t expand or renew old agreements. The law has seen pushback since Gov. Phil Murphy signed it in 2021, however. The GEO Group and CoreCivic – which runs the Elizabeth Detention Center in Union County – have challenged the state ban in court. The administration of former president Joe Biden took the side of private prison companies in that case, arguing that ICE needed detention centers near airports to expedite operations. A judge ruled in 2023 that CoreCivic could keep its jail in Elizabeth open. Federal authorities and prison companies are now seeking to add more detention space in New Jersey, despite the state’s ban. Trump’s immigration crackdown will likely create a massive profit for the GEO Group and CoreCivic. According to the GEO Group, the 15-year, fixed-price contract for Delaney Hall is expected to generate in excess of $60 million in annualized revenues for GEO in the first full year of operations. The company estimated the 15-year value of the contract with normal cost of living adjustments to be approximately $1 billion. According to Open Secrets, the GEO Group spent $1.38 million lobbying the federal government in 2024, and CoreCivic spent $1.77 million. Much of their focus was the appropriations bill funding the Department of Homeland Security, which includes the budget for ICE. The day after Trump was reelected to his second term, the companies’ stock prices soared: GEO Group’s by about 41 percent and CoreCivic’s by nearly 29 percent. The reopening of Delaney Hall has seen a vocal outcry from immigrant rights supporters and some North Jersey residents. Hundreds of people gathered outside the facility in March, demanding that ICE put the reopening on ice. “Nearly 25 percent of New Jersey’s population are immigrants,” an advocate charged. “ICE has no place here.” Activists have continued to defend the state’s 2021 ban on ICE prison contracts, rallying in Philadelphia at a federal Third Circuit Court on May 1 to fight back against detention expansion in New Jersey. “Mass detention is a cruel, failed system that inflicts irreparable harm on our communities – it has no place in our state,” urged Amy Torres, executive director of the New Jersey Alliance for Immigrant Justice. “Our communities are watching, and we won’t stop until the ICE detention ban is fully defended and upheld,” agreed Eliana Fernandez, director of organizing at Make the Road New Jersey. The reopening of Delaney Hall has also seen pushback from city officials, who issued a “stop work” order in late March. Newark Mayor Ras Baraka accused ICE of opening the facility “without following proper building safety protocols” and without the necessary construction permits, continued certificates of occupancy and requests to change the building’s use. “They failed to give city officials access to conduct inspections required under municipal ordinances and state code,” the mayor alleged. “This violates city and state law.” The march towards reopening Delany Hall has continued despite this opposition, with ICE slamming the city’s legal pushback as “aggressive and legally unjustified.” Although the focus on federal immigration enforcement has ramped up since Trump took office, ICE raids also took place in New Jersey during Biden’s watch. Read More: NJ Activists Say Biden’s Playbook On Immigration Is Similar To Trump’s A major immigration sweep took place in North Jersey the week before Trump’s inauguration, with ICE’s Newark field office arresting 33 non-citizens who have committed or been accused of crimes. Read More: Newark ICE Office Makes 33 Arrests, Deportations Loom The Newark field office is located at 970 Broad Street, and processes federal detainees from across the state. Prior to New Jersey’s ban on ICE contracts took effect, hundreds of people were being arrested and deported from the office every month. Read More: ICE In NJ Deported 500 People From Country In 3 Months, Feds Say Send local news tips and correction requests to eric.kiefer@patch.com. Learn more about advertising on Patch here. Find out how to post announcements or events to your local Patch site.» Mehr auf patch.com