The GEO Group Announces Commencement of Operations at Ravenhall Correctional Centre in Australia
November 13 2017 - 6:55AM
Business Wire
The GEO Group (NYSE: GEO) (“GEO”) announced today the
activation and commencement of operations at the 1,300-bed
Ravenhall Correctional Centre (“Ravenhall”) in the State of
Victoria, Australia. Ravenhall was developed by a GEO led
consortium comprised of GEO’s wholly-owned subsidiary, The GEO
Group Australia Pty. Ltd. (“GEO Australia”), John Holland
Construction, and Honeywell under a contract with the State of
Victoria.
The $700 million Ravenhall project was financed under a
Public-Private Partnership structure, which included a capital
investment from GEO of approximately $90 million with returns on
investment consistent with GEO’s company-owned facilities.
Ravenhall is expected to initially house 1,000 individuals, and GEO
Australia will operate the Centre under a 25-year contract with the
State of Victoria. The Ravenhall contract is expected to generate
approximately $75 million in annualized revenue for GEO.
Ravenhall will provide unprecedented levels of in-custody
rehabilitation and post-release programs aimed at reducing
reoffending rates and helping offenders reintegrate into society
through the ‘GEO Continuum of Care’ including:
- More than 110 dedicated in-custody
rehabilitation and programs staff
- Intensive evidence-based rehabilitation
and treatment programs in group and individualized settings
- Extensive partnerships with
community-based service providers to enhance the delivery of
rehabilitation and post-release programming
“We appreciate the trust placed in GEO by the State of Victoria,
and we are proud to have been able to complete the development of
the Ravenhall project on time and on budget. The success of our
partnership with Corrections Victoria is a testament to the
innovative facility design, management, and programs proposed for
the Ravenhall Correctional Centre, which will provide an
unprecedented level of rehabilitation and post-release services
through our ‘GEO Continuum of Care.’ We are looking forward to
working with Corrections Victoria in setting world-leading
standards in the delivery of evidence-based rehabilitation
practices and community reentry services,” said George C. Zoley,
Chairman and Chief Executive Officer of GEO.
About The GEO Group, Inc.
The GEO Group, Inc. (NYSE: GEO) is the first fully integrated
equity real estate investment trust specializing in the design,
financing, development, and operation of correctional, detention,
and community reentry facilities around the globe. GEO is the
world's leading provider of diversified correctional, detention,
community reentry, and electronic monitoring services to government
agencies worldwide with operations in the United States, Australia,
South Africa, and the United Kingdom. GEO's worldwide operations
include the ownership and/or management of 140 facilities totaling
approximately 96,000 beds, including projects under development,
with a growing workforce of approximately 23,000 professionals.
Forward-Looking Statements
This press release contains forward-looking statements regarding
future events and future performance of GEO that involve risks and
uncertainties that could materially affect actual results. Factors
that could cause actual results to vary from current expectations
and forward-looking statements contained in this press release
include, but are not limited to: (1) GEO’s ability to declare
future quarterly cash dividends and the timing and amount of such
future cash dividends; (2) GEO’s ability to successfully pursue
further growth and continue to create shareholder value; (3) risks
associated with GEO’s ability to control operating costs associated
with contract start-ups; (4) GEO’s ability to timely open
facilities as planned, profitably manage such facilities and
successfully integrate such facilities into GEO’s operations
without substantial costs; (5) GEO’s ability to win management
contracts for which it has submitted proposals and to retain
existing management contracts; (6) GEO’s ability to obtain future
financing on acceptable terms; (7) GEO’s ability to sustain
company-wide occupancy rates at its facilities; (8) GEO’s ability
to access the capital markets in the future on satisfactory terms
or at all; (9) GEO’s ability to remain qualified as a REIT; (10)
the incurrence of REIT related expenses; and (11) other factors
contained in GEO’s Securities and Exchange Commission periodic
filings, including its Form 10-K, 10-Q and 8-K reports.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171113005436/en/
The GEO Group, Inc.Pablo E. Paez, 1-866-301-4436Vice President,
Corporate Relations
Geo (NYSE:GEO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Geo (NYSE:GEO)
Historical Stock Chart
From Apr 2023 to Apr 2024