CCA Officially Loses Arizona Prison Contract
Nashville-based Corrections Corporation of America (NYSE: CXW), the nation’s largest private prison operator, has officially lost a contract with the state of Arizona for its 752-bed Huerfano County Correctional Center in Colorado.
The contract expires in March, at which point the prison will be idled, according to a Corrections Corp. news release. Last week, the company announced that proposed state budget cuts in Arizona could threaten the contract and another for a 2,160-bed prison in Watonga, Okla. Together the contracts total $56.5 million in revenue for the company. Corrections Corp. has not received any updates on the Watonga facility.
In New York Stock Exchange Composite trading today, Corrections Corp. shares fell 24 cents to $19.39.
The contract expires in March, at which point the prison will be idled, according to a Corrections Corp. news release. Last week, the company announced that proposed state budget cuts in Arizona could threaten the contract and another for a 2,160-bed prison in Watonga, Okla. Together the contracts total $56.5 million in revenue for the company. Corrections Corp. has not received any updates on the Watonga facility.
In New York Stock Exchange Composite trading today, Corrections Corp. shares fell 24 cents to $19.39.
1 comment:
I hope this is the beginning of the end of corporate prisons.
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