Overseas arrivals to the United States fell sharply during the final months of 2025, with September down 7.7 per cent year on year, according to figures from the National Travel and Tourism Office.
Canadians and Mexicans — traditionally the largest sources of inbound tourism — have been particularly affected, amid increasingly aggressive rhetoric from US President Donald Trump.
In a statement to The Independent, White House Deputy Press Secretary Anna Kelly defended the administration’s record, saying: "President Trump has done more for American tourism than anyone, including by making our cities safe and beautiful again for all to enjoy and bringing major events like the Los Angeles Olympics and FIFA World Cup to the United States. His America First agenda has restored our country’s place as the leader of the free world once again."
Despite softer attendance, Disney reported strong financial results in its most recent quarter. The company posted net income of $2.4 billion on revenue of $26 billion, supported by higher per-guest spending across its parks and cruise operations.
Growth was also driven by Disney’s streaming division, which rose 11 per cent, boosted by releases including Avatar: Fire and Ash and Zootopia 2.
Looking ahead, Disney said it expects modest growth in its experiences business in the current quarter, with stronger gains anticipated later in the year following the launch of its eighth cruise ship, Disney Adventure. The company also plans to repurchase $7 billion of its own shares in 2026.
However, analysts have cautioned that falling park attendance could signal longer-term risks.
Rich Greenfield of LightShed Partners told the Financial Times: "I don’t think anyone owns Disney [stock] for any reason other than the theme parks now."
The downturn has been felt elsewhere, particularly in Las Vegas, where passenger traffic at Harry Reid International Airport fell 9.6 per cent year on year in November.
Traffic from Air Canada alone dropped 40 per cent, contributing to a $4 billion loss to the US economy as Canadian visitor numbers declined.
Las Vegas Mayor Shelley Berkley summed up the situation at a September press conference, saying: "I’m telling everybody in Canada, please come. We love you, we need you, and we miss you."
