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November 15, 2009

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Wynn trims shareholder mailings

Monday, Nov. 1, 1999 | 11:40 a.m.

Mirage Resort Inc., whose restricted financial disclosure policy has drawn the ire of some gaming analysts, has stopped mailing quarterly financial reports to its shareholders.

Mirage has "determined that there is very little value to shareholders for the substantial expense of preparing and mailing the quarterly reports," Chief Financial Officer Bobby Baldwin wrote in an Oct. 5 letter to shareholders.

The company said shareholders can more quickly find the results through other sources, including newspapers, financial publications and the Internet.

Several months ago, Mirage Chairman Steve Wynn decided to stop breaking down quarterly financial results by property, saying it gave too much information to competitors.

Some gaming analysts, however, said they needed the property-by-property data to determine how well individual hotel-casinos were performing.

Most large publicly held companies issue three quarterly statements and one annual report to shareholders each year that contain much of the same information disclosed in their reports to the Securities & Exchange Commission.

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