• Oracle has reportedly signed a three-year agreement to host its event at Caesars Forum in Las Vegas.
  • An email viewed by CNBC cited expensive hotel rates in San Francisco and "poor street conditions" as reasons why Oracle decided to make this move.
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OpenWorld, Oracle's biggest annual conference, is moving to Las Vegas because of skyrocketing prices to host events in San Francisco, CNBC's Ari Levy first reported .

OpenWorld, which attracts over 60,000 customers and partners every year, will take place in Las Vegas starting in 2020. While it used to take place at the Moscone Center downtown San Francisco, Oracle has signed a three-year agreement to host its event at Caesars Forum in Las Vegas instead, CNBC reported.

"Oracle is excited to offer a modern, state-of-the-art experience for attendees at Oracle OpenWorld and Code One 2020 in Las Vegas," an Oracle spokesperson said in an email to Business Insider. "The city and its vast amenities are tailor-made for hosting large-scale events, and we look forward to bringing the industry's most comprehensive technology and developer conference to America's premier hospitality destination."

OpenWorld has taken place in San Francisco for the past two decades. According to an email from the San Francisco Travel Association as viewed by CNBC , Oracle wrote that it received feedback that San Francisco hotel rates are too high and complained of "poor street conditions" in the city The email said that the economic impact for San Francisco was $64 million.

The Oracle spokesperson said that the company will still have a presence in San Francisco. For example, the stadium where the San Francisco Giants baseball team plays is named after Oracle.

"Oracle continues to enjoy a strong relationship with the City of San Francisco and partners such as the San Francisco Giants and the Golden State Warriors," the spokesperson said. "We look forward to working with our longstanding counterparts in San Francisco on future events."

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