Oracle's OpenWorld conference leaving San Francisco in 2020 for Las Vegas

Oracle is moving its long-established OpenWorld conference from San Francisco to Las Vegas in 2020. 

The San Francisco Travel Association (SFTA) sent out an email to its members on Monday, that said Oracle signed a three-year agreement to relocate the annual tech conference to Ceasers Forum, CNBC reports. 

“Oracle stated that their attendee feedback was that San Francisco hotel rates are too high,” read part of the email which was viewed by CNBC. “Poor street conditions was another reason why they made this difficult decision.”

The SFTA went on further to say the move could cost the city $64 million in lost revenue.

OpenWorld has been held in San Francisco since it originated in 1996 and draws more than 60,000 people to the city each year to learn about cutting edge technology. 

OpenWorld's new home in Las Vegas won't be finished until 2020. The Ceasars Forum will feature a  550,00 square foot conference center with two of the largest ballrooms in the world, according to its website. The conference center is located on the Strip near several popular hotels.