The 31-year-old event is the longest running tournament on the LPGA Tour with the same sponsor at the same venue.
Corning Inc. executive vice president Kirk Gregg made the announcement Monday afternoon at the Corning Country Club. He says the tournament has lost $500,000 in sponsorships and has not been able to replace the lost revenue.
Corning has been restructuring recently and laid off 3,500 people from its global work force. Gregg says financing the tournament is no longer a viable expense.
Tournament president Jack Benjamin also says attendance is down in recent years, and fewer volunteers are coming out to help.