03/01/2011 11:24 am ET Updated May 25, 2011

Mile High Music Festival Canceled For 2011

The Denver area's largest music festival will take a hiatus in 2011.

Reverb first reported on Tuesday that promoter AEG Live will be canceling the 2011 Mile High Music Festival, citing economic reasons.

"It was not an easy decision to put the festival on hold," Chuck Morris, president and CEO of AEG Live Rocky Mountain Region, said in a media release (via Metromix). "We are really proud of the event, and we're not ruling out the possibility of bringing it back in the future."

The festival hosted big names like Dave Matthews, Tom Petty and John Mayer in 2010.

In November, 2009, promoters announced that the annual Monolith Festival at Red Rocks would be discontinued, also citing financial reasons.

AEG Live also recently declined to host its annual Rothbury Festival in Michigan.