CoreCivic

CoreCivic, Inc.
Company typePublic
NYSE: CXW
S&P 600 component
IndustryPrivate prisons
Founded1983; 41 years ago (1983), in Nashville, Tennessee, U.S.
FoundersThomas W. Beasley
T. Don Hutto
Robert Crants
Headquarters
Brentwood, Tennessee
,
U.S.
Area served
United States
Key people
RevenueIncrease $ 1.981 billion
Increase $ 281.56 million
Increase $ 188.89 million
Total assets$ 3.792 billion
Total equity$ 1.377 billion
Number of employees
14,075 (2019)
Websitewww.corecivic.com
Footnotes / references
Form 10-K for FY2019[1]
Eden Detention Center in Eden, Texas

CoreCivic, Inc. formerly the Corrections Corporation of America (CCA), is a company that owns and manages private prisons and detention centers and operates others on a concession basis. Co-founded in 1983 in Nashville, Tennessee, by Thomas W. Beasley, Robert Crants, and T. Don Hutto, it received investments from the Tennessee Valley Authority, Vanderbilt University, and Jack C. Massey, the founder of Hospital Corporation of America.[2]

As of 2016, the company is the second largest private corrections company in the United States.[3] CoreCivic manages more than 65 state and federal correctional and detention facilities with a capacity of more than 90,000 beds in 19 states and the District of Columbia.[4]

The company's revenue in 2012 exceeded $1.7 billion.[5] By 2015, its contracts with federal correctional and detention authorities generated up to 51% of its revenues. It operated 22 federal facilities with the capacity for 25,851 prisoners.[6] By 2016, Corrections Corporation of America (CCA) along with GEO Group were running "more than 170 prisons and detention centres". CCA's revenues in 2015 were $1.79bn.[7]

CCA has been the subject of much controversy over the years, mostly related to apparent attempts to save money, such as hiring inadequate staff, extensive lobbying, and lack of proper cooperation with legal entities to avoid repercussions.[8] CCA rebranded itself as CoreCivic amid the ongoing scrutiny of the private prison industry.[9]

  1. ^ "Form 10-K". U.S. Securities and Exchange Commission. 2020-02-20. Retrieved 2020-05-06.
  2. ^ Cite error: The named reference donnaselmanbigbusiness was invoked but never defined (see the help page).
  3. ^ "The Corrections Corporation of America, by the Numbers". Mother Jones. July–August 2016. Retrieved October 31, 2017.
  4. ^ CoreCivic. "CoreCivic: Better the Public Good". cca.com. Retrieved February 10, 2018.
  5. ^ Cite error: The named reference HoustonCDF was invoked but never defined (see the help page).
  6. ^ "Help Wanted: Undercover Hero". Medium. January 2, 2018.
  7. ^ Rupert Neate (June 16, 2016), "Welcome to Jail Inc: how private companies make money off US prisons", The Guardian, Austin, Texas, retrieved February 13, 2017, In a bid to cut costs, more state prisons and county jails are adding healthcare to the growing list of services that are outsourced to for-profit companies
  8. ^ Kerkham, Chris (February 14, 2012). "Private Prisons Buying State Prisons", The Huffington Post. Retrieved September 13, 2017.
  9. ^ Boucher, Dave (October 28, 2016). "CCA changes name to CoreCivic amid ongoing scrutiny". The Tennessean. Retrieved October 27, 2017.