Goldman Sachs has moved a three-day conference from the Las Vegas Strip to San Francisco amid what the bank is calling a broad review of its activities.
Goldman , which has accepted $10 billion in federal bailout funds, will hold its Technology and Internet Conference Feb. 25-27 at the San Francisco Marriott instead of the Mandalay Bay casino-resort.
A Mandalay Bay official, who requested anonymity because he was not authorized to release customer information, said the bank agreed to pay the hotel $600,000 to cancel its reservation.
Goldman spokesman Ed Canaday confirmed the conference move to The Associated Press on Monday night but could not comment on the cancellation charge.
Canaday said he did not know whether the company was saving money or spending more with the move.
"That's not the driving reason behind it," Canaday told the AP.
"The decision to relocate the conference is based on our best efforts to operate according to the requirements of the new landscape of our industry," Canaday said.