This is an article from the Globe and Mail. It only mentions Niagara Falls in passing, but the beginning paragraphs applies to the industry here as well (emphasis added):
Canada’s tourism industry is in turmoil again. This time, it’s not post-9/11 terrorism fears that are causing tourists to shun the Great White What. Now, we’re told, the over-the-moon loon is the reason why foreign tourists are not coming to Canada.
Facile explanations by tourism “experts” are the usual tapestry of half-truths and self-deception. The real reason for the latest crisis is the failure of imagination of those involved in Canadian tourism, in both the private and public sectors. Until this imagination deficit is cured, Canada will continue to be seen worldwide as a boring, boreal tourist destination.
I don’t think that Niagara Falls is seen as being boring, but the part about the “failure of imagination” is very true. The industry in general has been promoting itself the same for as far back as I can remember, and they are still complaining. I’m sure you’ve heard the line that one definition of insanity is to do things the same way, but expect different results.