San Francisco loses an estimated $64 million as Oracle moves convention from SF to Las Vegas over ‘poor street conditions.’

Oracle’s OpenWorld conference, which annually hosts 60,000 guests, will be leaving San Francisco after two decades, reportedly citing “poor street conditions” and high costs as the driving factors in the decision.

The news was first reported by CNBC, which acquired an email the San Francisco Travel Association sent to its members on Monday.

READ  Over 28 million people in China under lockdown as locally transmitted coronavirus cases appear to rise once more

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

The SFTA said it anticipated OpenWorld would result in 62,000 hotel room nightly bookings in Oct. 2020, Oct. 2021 and Sept. 2022.

“The estimated economic impact of each of the above is $64,000,000, a huge loss for our city,” said the email. This, of course, assumes that those rooms will not be filled by other bookings.

The five-day conference is one of the largest conventions hosted in the city each year. Participants are offered more than 2,000 sessions and demos related to the software company’s offerings.

READ  10 richest people fortunes rose by $540bn since March 2020, 200-500 million more in poverty