Now that it's a must-attend event for more than just small indy films and you are seeing a ton of A-listers attend every year, other cities want in on the action (It brings like $150-$200M to Utah every year), so the festival is entertaining some (likely) pretty staggering and generous bids to move it elsewhere. With the current contract set to expire in 2-3 years, it'll probably be a bidding war.

If it leaves, it'll be a pretty big loss in tax revenue. The government will have less money to spend. (lol, I'm kidding, they'll just raise taxes or spend what they don't have)