GEO - GEO Group contract for Queens detention facility isn't renewed by USMS

The U.S. Marshals Service won't renew its contract for GEO Group's (GEO) 222-bed Queens Detention Facility ending March 31, 20201, in line with the Biden administration's plan to scale back the use of private prison operators.GEO has requested a contract extension from the USMS in order to provide for a proper transition.The potential non-renewal of the contract for the facility, which generated ~$19M in annualized revenue, wasn't previously assumed in GEO's current financial guidance for 2021.If the contract isn't extended, GEO expects to market the Queens Detention Facility to other government.GEO rises 1.7% in premarket trading.Last month, rival CoreCivic said the USMS extended its contract for its Northeast Ohio Correctional Center for 90 days, but won't renew the contract beyond that.

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GEO Group contract for Queens detention facility isn't renewed by USMS