Press barred from annual meeting

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Tuesday, June 20, 2000 | 12:01 p.m.

THE ASSOCIATED PRESS

DETROIT -- In a rare move, Mandalay Resort Group barred the media from attending its annual shareholder meeting, held in Detroit last week.

"It's not a press conference. It's an annual meeting," the Detroit News quoted Mandalay President Glenn Schaeffer as saying. Mandalay is the majority shareholder of Detroit's MotorCity casino.

Mandalay also restricts its conference calls to Wall Street analysts and major shareholders, barring smaller shareholders and reporters.

The National Association of Corporate Directors took issue with Mandalay's decision, the News said.

"If it's the annual meeting of the shareholders, and if it's a public meeting, the media is more than welcome," said NACD President Roger Raber. "The media is perceived by corporate governance as stakeholders in the company. To say the annual meeting can't be attended by the media is almost a contradiction."