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CoreCivic, Inc. (NYSE:CXW) ("CoreCivic") announced today that it has been awarded a new contract under an Intergovernmental Services Agreement ("IGSA") between the Oklahoma Department of Corrections ("OKDOC") and U.S. Immigration and Customs Enforcement ("ICE") to resume operations at the Company's 2,160-bed Diamondback Correctional Facility, a facility that has been idle since 2010.
The new contract commences on September 30, 2025, for a term of five years, and may be extended through bilateral modification. The agreement provides for a fixed monthly payment plus an incremental per diem payment based on detainee populations. Total annual revenue once the facility is fully activated is expected to be approximately $100 million. We expect to begin receiving detainees in the first quarter of 2026, with the full ramp estimated to be complete in the second quarter of 2026.
Posted In: CXW
