Oracle Corp. is pulling the plug on its annual San Francisco technology convention, relocating the event to Las Vegas in a major blow to the city’s hospitality industry.

The Redwood Shores company has signed a three-year agreement to bring its OpenWorld convention to the Caesars Forum in Las Vegas, citing rising hotel rates throughout the Bay Area as well as poor street conditions in San Francisco. An Oracle spokesperson confirmed the deal, first reported by CNBC.

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