Speculative prisons are operated by a private entity (the facility may be owned by a unit of government) on a speculative basis, i.e., without a contract with any agency or agencies for the housing of inmates. Alternatively, a private prison may begin with a contract with one State but later market open beds to other States as it expands and/or loses the original contract. Inmates held in speculative prisons are generally classified as medium custody. This brief identifies some of the operational and legal issues raised by speculative prisons for local communities, host States, and sending States. The local community issues reviewed in this brief are economic benefits, costs to the local community, impact on local government services, negotiating contracts, regulation of the prison, and local law enforcement and emergency services. Issues impacting the host State include restrictions on siting private prisons, State regulation of private prisons, startup control, applicability of state criminal statutes, the use of force and deadly force, prosecution and sentencing, State staff losses to private prisons, and organized labor and private prisons. Issues for sending States include effect on public policy, authorizing legislation, cost considerations, liability, competition, and requests for proposals and contracts. Many of these issues are illustrated in a case study of a speculative prison in Youngstown, Ohio. Appended checklist of issues and Ohio Revised Code Section 009.07