Oracle moving its annual OpenWorld conference from San Francisco to Las Vegas

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SAN FRANCISCO (KGO) — San Francisco’s convention and tourism industry has suffered a major blow.

As first reported by CNBC, Oracle announced that it has signed a three-year deal to move its OpenWorld conference to Las Vegas.

According to the report, the Redwood City Based Software giant blames skyrocketing prices and street conditions around Moscone Center for the move.

San Francisco Mayor London Breed acknowledged those problems need to be addressed, but she doesn’t believe Oracle’s decision will lead to other conventions to abandon her city.

“San Francisco is such an amazing city,” Breed said, ” People talk about the challenges, but they also talk about the fact they love San Francisco. They love the restaurants. They love the shopping. They think it’s one of the most beautiful cities in the world, even though they know that it, along with other major cities face a real challenge around homelessness.”

OpenWorld’s departure will cost San Francisco an estimated 64 million dollars a year, according to city’s tourism bureau.

The conference began in 1997, and draws around 60-thousand people a year.

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