SANTO DOMINGO, Dominican Republic—This year's Miss Universe pageant will be held in Las Vegas and not in the Dominican Republic as previously considered.

Miss Universe organization president Paula Shugart tells The Associated Press that too many obstacles have arisen for holding the event in the Dominican Republic's popular tourist city of Punta Cana. Shugart says the main obstacle is the Caribbean country's financial crisis.

Wednesday's announcement comes two weeks after the Dominican government said it could not afford the $6 million in financial assistance that event organizers had requested.

Shugart says the event would have attracted many tourists to the Dominican Republic, noting that is a priority of newly elected President Danilo Medina.