Instead of setting up its venue in the Black Rock desert, the festival will instead take place virtually.
"In 2020 we need human connection and Immediacy more than ever," the statement read. "But public health and the well-being of our participants, staff, and neighbors in Nevada are our highest priorities."
Nevada has more than 2,600 confirmed cases of the coronavirus and over 100 deaths, according to a John Hopkins University tally.
How Coronavirus Has Grown in Each State — in 1 Chart
New York has quickly become the epicenter of the American coronavirus outbreak. This chart shows the cumulative number of cases per state by number of days since the 10th case.
Source: Johns Hopkins University
Credit: Amy O’Kruk/NBC
Details about the virtual event are still being ironed out, including whether participants will need to purchase a ticket.
Although the statement acknowledged the online event would likely be "messy and awkward with mistakes," the organizers encouraged people to hold onto their tickets and make a tax-deductible donation to the Burning Man Project.
The organization said that with the cancellation, it expects substantial staff layoffs and pay cuts will be needed to ensure it can remain operational until the 2021 festival season.
The group added it was committed to providing refunds to those who need them. Ticketholders can request a refund through their profile on the site.
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Tickets for the event, which first started in 1986 on a San Francisco beach, cost nearly $500.
More than 70,000 people flood Burning Man's Black Rock City venue, according to a festival census.
The original festival was set to run from Aug. 30 through Sept. 7.
"This is going to be a tough year for us, as we know it will be for you, but we will get through it together," the statement read.