Las Vegas is experiencing a significant drop in tourism, with visitor numbers down more than 11% year-over-year, driven largely by a decline in Canadian visitors amid deteriorating Canada-U.S. trade relations. Airline data shows a sharp decrease in Canadian passenger traffic, with Air Canada down 33%, WestJet down 31%, and low-cost carrier Flair down 62% in June. Resort executives from MGM Resorts and Caesars Entertainment attribute the decline to the Canadian boycott, which they say has negatively impacted international visitation and revenue. Local union leaders and residents have labeled the downturn the 'Trump slump,' citing political disagreements over trade policies. Canadian travelers, including Winnipeg resident Martyn Daly and Guy Kerbrat, have chosen to avoid visiting Las Vegas as a form of protest. Economic experts estimate that Canadian spending contributed $3.6 billion to Nevada's economy last year, supporting over 43,000 jobs. Nevada's unemployment rate remains high at 5.4%, and U.S. Senator Catherine Cortez Masto has urged de-escalation of tensions to restore tourism. Local officials and economists anticipate promotional efforts to reverse the trend.

3G Capital, managed by Jorge Paulo Lehman, exited its position in DraftKings (DKNG), having held 70,000 shares of Class A stock at an average cost of $38.20 during the first quarter. The exit occurred during the second quarter, with the stock trading at lower levels in April through June. Similarly, David Tepper’s Appaloosa Management sold its position in Wynn Resorts (WYNN), while George Soros’s Soros Fund Management exited Las Vegas Sands (LVS), though it maintained positions in Caesars Entertainment (CZR), Churchill Downs (CHDN), and Flutter Entertainment (FLUT). In contrast, David Einhorn’s DME Capital Management increased its stake in Penn Entertainment (PENN), and Keith Meister’s Corvex maintained its stake in MGM Resorts International (MGM). These movements reflect broader trends in professional investor activity in the gaming sector during the second quarter of 2025.

The article provides an in-depth analysis of the hotel and travel industry's performance in the second quarter of 2025, with executives from major hotel chains discussing macroeconomic challenges, demand trends, and outlooks for the remainder of the year. Key concerns include weak government and international travel demand, soft group bookings, and economic uncertainty. However, executives express optimism for the third and fourth quarters due to favorable holiday shifts, improved consumer confidence, and a more stable macroeconomic environment. Industry leaders highlight positive developments such as tax reform, stronger corporate profits, and significant investments in AI and infrastructure. Specific events like the Paris Olympics, Republican and Democratic conventions, and the return of Conexpo-Con/Agg are cited as catalysts. Several companies, including Marriott, Hilton, Hyatt, Choice Hotels, MGM Resorts, Expedia Group, Host Hotels & Resorts, Pebblebrook Hotel Trust, Park Hotels & Resorts, Apple Hospitality REIT, RLJ Lodging Trust, Sunstone Hotel Investors, and Summit Hotel Properties, provide detailed guidance on revenue per available room (RevPAR) growth, booking trends, and outlooks for 2025 and 2026.

Stocks of Cushman & Wakefield, Comcast, and MGM Resorts surged following the release of a Consumer Price Index (CPI) report showing inflation at 2.7% for July, which signaled stability and increased investor optimism about a potential Federal Reserve interest rate cut in September. This inflation stability is expected to stimulate economic activity by lowering borrowing costs, benefiting consumer discretionary sectors such as travel, apparel, and electronics. Cushman & Wakefield saw a 4.3% jump, Comcast gained 3%, and MGM Resorts rose 3.2%. The rally for Cushman & Wakefield was driven by a Goldman Sachs upgrade to Buy from Sell with a $17.50 price target, following strong second-quarter 2025 earnings that exceeded expectations, including a 27% increase in capital markets revenue and a raised full-year EPS growth guidance of 25-35%. The company also announced an additional $150 million debt repayment. Analysts like JMP Securities have also raised price targets. Cushman & Wakefield is up 12% year-to-date and trading near its 52-week high. The article concludes with a reference to enterprise software stocks leveraging generative AI as potential future investment opportunities.

Wynn Macau Ltd. reported weaker-than-expected quarterly and first-half financial results, with revenue and adjusted property EBITDA declining compared to the same periods in 2024. While the broader Macao gaming industry saw strong growth due to increased tourist arrivals driven by a vibrant concert calendar and eased visa access, Wynn Macau struggled, particularly in VIP lounge win rates, which dropped to 3.19% in the second quarter. In response, the company has announced a $200 million to $250 million investment in upgrading its Wynn Palace resort, including expanding VIP areas and constructing a major event and recreation center set to open in 2028. The initiative aims to attract more tourists and diversify revenue beyond gaming. Despite a current P/E ratio of 11 times—lower than its peers—investors remain cautious, though the company sees potential for improved performance through enhanced entertainment offerings.