While having an All-Star Game here would be great, I'd much rather have about 5 years worth of NBA Finals games here. Last time I checked, Stern doesn't get to vote on that.
Denver didn't have one large hotel when they had the ASG here, although they have one now. And certainly there wasn't a major hotel close to the Pepsi Center. Portland in February is rainy. It's not glamorous. It's not a hip-hop kind of town. And it won't be seeing the ASG for at least a decade.