Tourism to Hawaii is down - particularly from Asia (Japan) tourism-econ-impact-fact-sheet-may-2024-final.pdf (hawaiitourismauthority.org) For FY2024 (July 2023 - May 2024), the state collected $724.2 million in TAT, compared $803.0 million (-9.8%) collected in FY 2023 (July 2022 – May 2023). Particularly in Maui, increasing anti-visitor sentiment should put further downward pressure on tourism. Combined with aircraft availability issues at most airlines (AS is an exception), many have reduced service to Hawaii. HA was hit hard during the pandemic, market conditions are complicating recover efforts.

WN has cut service to Hawaii by over 50% Southwest Airlines Trims Hawaii Routes By Over 50% - Beat of Hawaii activist investors are pressuring management to address financial issues, interisland service will likely be impacted The Southwest Effect In Hawaii: Is It Officially Over? - Beat of Hawaii

In other words, competition are demand are very dynamic factors, regulators should be focused on stability and resilience - particularly of interisland service.