The Ticker

MGM breaks ground on Springfield casino

MGM has broken ground on an $800 million casino in Springfield that represents the largest economic development project the region has seen in generations.

Hundreds attended yesterday's ceremony, held in front of an old school the casino plans to raze to make way for a parking lot.

MGM is trying to become Massachusetts' first resort casino as rivals in Connecticut and the Boston area are also trying to open casinos.

"We're No. 1 in Vegas, and we'll be No. 1 in New England, regardless of what Connecticut does," CEO Jim Murren declared.

MGM's casino is being developed on 14.5 acres in the downtown and South End neighborhoods, an area still recovering from a devastating 2011 tornado.

The casino will have 3,000 slot machines, 75 gambling tables and a 250-room hotel. It will also include shops, restaurants, meeting and office space and residential apartments.

It is expected to create at least 2,000 temporary construction jobs and about 3,000 permanent casino jobs. The company has also agreed to pay Springfield at least $17.6 million annually after the casino opens its doors.

The company said it expects to open the casino by 2017, after about 30 months of building.

Markey bill to repeal medical device tax

U.S. Sen. Edward Markey yesterday filed a bill to eliminate the 2.3 percent medical device tax. The tax was included in President Obama's 2010 health-care law.

While Markey supports the health-care law, he said the medical devices tax harms innovation.

Markey said his bill would make up for the lost revenue by ending more than $29 billion in what he described as tax breaks for oil companies, free-drilling loopholes and taxpayer subsidies for the oil and gas industry.

Google imports new CFO from Wall Street

Google has lured away Morgan Stanley's chief financial officer, Ruth Porat, to be its CFO at a time when the Internet search leader and its Silicon Valley peers are under fire for hiring and promoting too few women.

The appointment announced yesterday fills a void that opened earlier this month after Google's CFO of the past seven years, Patrick Pichette, announced plans to retire.

Porat, 58, will become Google's highest-ranking female executive when she starts her new job May 26. Her last day at Morgan Stanley will be April 30, ending a 28-year career at the New York investment bank.

TODAY

• Commerce Department releases durable goods for February.

TOMORROW

• Labor Department releases weekly jobless claims.
• Rodman & Rodman P.C., a full service CPA firm based in Newton, has named Kevin Michaelan, a certified public accountant, as tax manager. Michaelan will also serve as a member of the firm's "Green Team" specialty practice serving renewable energy clients.

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