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You're at a fruit market. But, instead of just being able to buy apples at this fruit market, you can also sell fruit.
You're not a farmer, so you come to the market to buy some apples and you see two fruit stands. Fruit Stand A on the left
is buying and selling apples at 50 cents apiece. However, Fruit Stand B on the right is buying and selling apples at 53 cents
apiece. People are buying and selling apples at these two stands all the time, and the price at a stand could change at any
moment. But, while you're there, apples are 50 cents and 53 cents, respectively.
You're a smart person, and you quickly
realize that you can buy apples from Stand A and then sell them across the street to Stand B and make a 3-cent profit. But
you have to do it now; you can't wait. So you buy all the apples at Stand A and then run to sell them all to Stand B.
Congratulations.
You've committed fruit-stand arbitrage.
Arbitrage is exactly that: the selling of the same item between two different
markets to make a profit off the mathematical differences in price. However, it's not apples that are traded--the goods in
question are usually stocks, currencies and other securities. Arbitrage happens when you get a stock, usually a common one
like General Electric that's traded on multiple markets (Japan, Hong Kong, U.S., etc¿). The stock is usually worth within
fractions of a penny the same on each of those markets. However, there are often some minor variations.
People who
participate in arbitrage take advantage of these variations--and make a ton of money doing it. As seen in the fruit stand
example, you can make a "riskless profit" from buying and selling apples between different markets.
There are some
big hedge funds that make almost all their money off arbitrage. But, despite this simple example, arbitrage is mathematically
complex--and involves a good portion of risk if you don't know what you're doing. You probably won't be able to participate
in arbitrage directly, but you can always invest in a mutual fund that does.
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Thursday, June 19, 2008
Caesars Windsor Opens to Rave Reviews
Comtex
WINDSOR, Ontario, June 19, 2008 /PRNewswire via COMTEX/ ----Even long-time Las Vegas veterans were in awe as they got their first look at Caesars Windsor, and the $439 million expansion and renovation that has transformed Ontario's first casino-resort into a property rivaling the world's best.
Caesars Windsor welcomed more than 5,000 guests to a Gala Opening tonight, launching a new era of luxury and style on the Canadian side of the Detroit River.
"This is a tremendous property. It is not just the largest casino-resort in the Detroit-Windsor market, it is the largest casino-resort in Canada," enthused Kevin Laforet, President and CEO of Caesars Windsor. "Combining this great facility with the world-renowned Caesars name makes Caesars Windsor a premier destination for world-class entertainment and getaways."
Highlights of the black-tie Gala Opening included a performance by rock star Billy Joel, inaugurating the Colosseum -- a 5,000 seat, state-of-the-art entertainment centre. Guests also had the opportunity to get a first-hand look at the new, 100,000 square foot convention space, and the stunning 27-story Augustus Tower -- with its soaring lobby, grand pillars, Romanesque art, statues and spectacular fountain.
"This is our first expansion of the Caesars brand internationally and signals our commitment to and confidence in this market," said Gary Loveman, chairman, CEO and president of Harrah's Entertainment. "As the world leader in gaming, we are pleased to bring to Canada the customer-service excellence and first-class amenities that are the hallmark of the Caesars brand."
Today's opening marks the culmination of a three-year project -- a partnership between Harrah's Entertainment and the Government of Ontario.
The extensive expansion and renovation has dramatically increased the size of the Windsor casino-resort, which now covers more than four hectares (10 acres), making it the largest in Canada. Features of the new Augustus Tower -- now the tallest building on the Windsor skyline -- include:
-- 24-foot high ceilings over a 12,000 sq. foot lobby;
-- A stunning mosaic-tiled fountain featuring a 10-foot high sculpture of the "Three Graces," daughters of the Greek god Zeus. It holds 3,000 gallons of water;
-- A hand-painted triptych mural, behind the Front Desk, of the world-famous Trevi Fountain in Rome, Italy; and
-- Guest rooms boasting the best views of the riverfront and Detroit skyline -- some with 180-degree vistas -- through floor-to-ceiling windows. Combined with the existing (and newly renovated) Forum Tower, Caesars Windsor now has the largest hotel inventory in the city, with a total of 758 luxuriously-appointed rooms.
Adding to Caesars Windsor's allure is Nero's, the steak house renowned for world-class dining and customer service, and an entertainment line-up that includes famed comedian Chris Rock, country music stars Reba McEntire and Randy Travis, and the legendary Ringo Starr and his All-Starr Band.
"There is no doubt we have felt the impact of competition from across the river in recent years," Laforet said. "As of today, we are back in the game in a big way."
Tonight's Gala Opening is only the beginning of festivities celebrating the launch of Caesars Windsor. Other opening weekend activities include:
-- Food specials at restaurant outlets and live entertainment in Cosmos Lounge, starting at 8:30 p.m. tonight when Caesars Windsor opens to the public;
-- A free commemorative Caesars medallion for the first 1,000 guests to sign up as new members for the award-winning Total Rewards program;
-- The Caesars Celebration giveaway, on June 20 & 21, giving Total Rewards members a chance to win one of 10 fabulous Caesars vacation packages or up to 425,000 Reward Credits on each date; and
-- On Sunday, June 22, for the first time ever, complimentary tolls at the Detroit-Windsor Tunnel, with Caesars Windsor paying the way into Canada from 3:00 p.m. - 8:00 p.m.
SOURCE Caesars Windsor
http://www.caesarswindsor.com
Copyright (C) 2008 PR Newswire. All rights reserved
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