Las Vegas is launching a new campaign to boost tourism after a significant summer slump.

The new campaign, "Welcome to Fabulous Las Vegas," will focus on value for visitors and offer promotions and other incentives at the destination.

The city has seen visitation decline for seven consecutive months, with the most recent report from July showing a 12% decline year over year.

And yet, MGM Resorts CEO Bill Hornbuckle says, "Las Vegas is not done or dead."

"To the contrary, I think there's lessons to be learned, you know, in terms of value and value creation," Hornbuckle told CNBC Thursday at the Bank of America Gaming and Lodging Conference.

Hornbuckle said affordability and perceptions of value have been especially top-of-mind for budget-conscious visitors. He pointed to the deals available at the Excalibur, one of MGM's resorts on the Las Vegas Strip: $85 rooms, including resort fee; $5 tables; $5 beers. But the $12 Starbucks coffee grabs the headline.

"There is value there, and there's always been value," Hornbuckle said. "We let the narrative get away from us and shame on us. We need to do a better job."

MGM and Las Vegas more broadly had posted several years of growth in visitation, room rates and profits before this year's slowdown.

When asked whether the Vegas slump could be a canary in the coal mine for U.S. travel more broadly, Hornbuckle, who chairs the U.S. Travel Association, said it does seem to be a leading indicator. And the industry as a whole is facing some troubling obstacles.

Canadian visitation to the U.S. has plummeted some 40% this year, following comments by President Donald Trump about Canada as a potential 51st U.S. state and evolving trade policies. The Canadian dollar has also weakened, lessening the buying power of visitors crossing the border into the U.S.