The restoration of air service between the U.S. and Cuba last year touched off a feeding frenzy by U.S. carriers hungry to enter a market from which they had been barred for more than 50 years, but this once-in-a-lifetime chance was not without its risks. Airlines flew into a vacuum they expected five decades of pent-up demand to fill. As it is, demand for Cuba travel has underwhelmed the industry. Three carriers—Frontier Airlines, Spirit Airlines and Silver Airways—recently ...

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