Why cuts into vinyl covers?


Sorry if this has been asked before.  In my search to purchase vinyl I come across albums that have holes drilled or half inch cuts into the corners of the albums.  I've come across this on CD cases as well.  Does anybody know, who does this and why?  And do you think it devalues the album?
Thanks in advance.

skipping
As far as value, it depends. Nothing in vinyl is cut and dried. SQ wise promo copies tend to be early run and sound better. Except when they don't. Value wise they could be worth more- or less. Personally I buy for sound quality and all other things being equal will go for the sealed cut corner promo over a normal copy. But that's just me.
Thanks guys.  All my questions were answered and my curiosity satisfied.  And got an education to boot.  I knew the music industry was corrupt, but I was not aware of Morris Levy.  What a sleazebag of an individual.  He doesn't need to glorified, but you have to admit, that is a Netflix worthy biopic waiting to be written.  
Richard Carlin wrote what is probably the best bio of Morris that was published a few years ago, entitled Godfather of the Music Business. It has lots of stories and backs up some of the stuff I heard about as a young lawyer in NYC who was doing a fair amount of work in the industry. The record industry definitely had a "mob" issue-- from payola to distribution to pressing plants to various behind the scenes figures. And it wasn’t confined to the States, either. There was money to be made, and in many cases, it was a cash business, as was concert promotion, so when you stand back and look at the business you can see why it presented a lot of opportunities for the criminally minded.
FWIW, Carlin’s portrayal of Levy is pretty even-handed- Levy was in some ways a genius- he had the first integrated jazz club in NYC, got into the rock and roll craze early on, signed unknown acts, then promoted them at rock and roll shows (Alan Freed was one of his promoters- famously went to prison for payola). Everybody was afraid of Morris Levy-- there are some great stories in Carlin’s book about how unwitting young employees would be sent to his office to "collect" not realizing who they were dealing with. Sorry to derail your thread on cut-outs, but Morris Levy was the first person who came to mind. BTW, one of the famous tax scam labels,Tiger Lily, was also a Morris Levy affiliated business. A copy of one of the albums on the label, Stonewall, sold a few years ago for 14k-- the guy who found the copy knew exactly what he had: [url]https://www.brooklynvegan.com/stonewall-lp-se/[/url]
Growing up I lived two blocks for a RCA record plant in NJ workers on the loading dock would give albums and singles and told us if it had a hole in the cover it was returned from the stores and if it had a cut into the vinyl it was defective I have some promo albums and they say on them for promotional use only and I got those from a friend who work in NYC radio
Don't know how many of those records we sailed on to the roof of the plant from the hill behind it