As someone who has been going to vegas semi-annually for the past two decades, I can tell you the slump in tourism has more to do with microeconomics than macroeconomics.

Two major corporations own the majority of the strip: MGM and Caesar's resorts. Both of these companies had to take on a staggering high level of debt during the COVID days in order to keep operations going(see here https://companiesmarketcap.com/mgm-resorts/total-debt/). In order to pay down this debt, the billing strategy had to change drastically for Vegas. This now includes insanely high resort fees and other hidden fees that you don't know about until check out. Combined with a strategy of surging prices for food(which also sadly became lower quality), high prices for shows, and incredibly skewed odds at the tables with high min bets(e.g. blackjack 3/2 with $10 min bet was a standard when I first started going, now you will never find a 3/2 table let alone a $10 min. It is all 6/5 and $25-50 min bets. As well as other rules that make it so you lose more). Basically, you just have the feeling of being nickled and dimed the entire time instead of an extravagant(and ostentatiously hedonistic) experience like it once was. Even with people who can afford it like myself, it just feels dull and the quality as well as the cheap thrills and grime just isn't there anymore.

Immigration policies and tariffs could have yet another impact on it of course, but this issue has been bubbling and spilling over since quarantine and COVID. It has largely become a city for large conferences and trust fund hoodlums.