GEO Group stock price plummets due to ICE detention facility plan

LootboxPhobia · 2026-02-20T19:29:27+00:00

On Friday, GEO Group and CoreCivic stocks plummeted as reports indicated that the U.S. Immigration Bureau plans to reduce its network of detention facilities from over 200 to 34 government-owned sites, which is expected to change the current model operated by private prisons.

LootboxPhobia

2026-02-20 19:29:27

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Investing.com – On Friday, The GEO Group (NYSE:GEO) stock dropped 16%, and CoreCivic (NYSE:CXW) stock fell 11%, following reports that the U.S. Immigration and Customs Enforcement (ICE) plans to significantly reduce its network of private detention facilities.

According to Bloomberg, citing local officials briefed on the plan this week, ICE intends to cut its network of over 200 detention facilities down to just 34 government-owned sites. Currently, most of ICE’s detainees are held in facilities operated by GEO or CoreCivic.

This shift will replace the current patchwork of local jails and private prisons—most of which are industrial warehouses owned by the Department of Homeland Security—with a centralized system of large facilities.

Mayor David Keener of Social Circle, Georgia, Municipal Administrator Eric Taylor, and Municipal Attorney Jay Crowley said they were informed of this 34-facility plan during a meeting this week with a Department of Homeland Security delegation led by Deputy Chief of U.S. Citizenship and Immigration Services Tim Kaiser.

A person familiar with the government’s plans confirmed that ICE will now primarily rely on government-owned facilities, but private companies will still play a role, possibly including providing medical care and security services. Competitor companies are already competing for contracts to renovate and operate warehouses purchased by the Department of Homeland Security.

The Department of Homeland Security did not immediately respond to requests for comment on the details shared during the meeting.

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