SAN FRANCISCO—Oracle OpenWorld event will be leaving the bay area and moving to Las Vegas. The story first reported by CNBC, cites “poor street conditions” and “rising hotel rates” as a reason for the relocation of the event, which was announced on Tuesday, December 10.
SFTA or the San Francisco Travel Association is a non-profit organization that promotes San Francisco tourism. The SFTA indicated that it will be canceling the bulletin for the event up to the year 2022. In an email viewed by CNBC, and sent from SFTA, the following statements were released.
The email reads, “Oracle stated that their attendee feedback was that San Francisco hotel rates are too high.”
OpenWorld, which debuts new technologies and serves as a hub for information exchange on a global level, sees about 60,000 attendees annually. Oracle will be moving to Las Vegas, at the Caesars Forum, where it will be held for three years.
According to the email, the loss in city revenue will be more than $64 million per year. . The SFTA projected the hospitality industry to lose about 62,000 hotel room nights due to the move.