Allegiant Travel Co., a Las Vegas-based discount airline, is considering adding flights to Hawai'i, Chief Executive Officer Maurice Gallagher Jr. told Bloomberg News Service.

The airline currently flies consumers in small markets to tourist destinations such as Las Vegas and Orlando. Allegiant plans to begin serving Los Angeles beginning May 1. In addition to Hawai'i, Allegiant is studying expansion to the Caribbean and Mexico, Gallagher told Bloomberg.

Allegiant reported its highest profit ever on April 19, as net income almost tripled to $28.2 million, aided by a 50 percent decline in the per-gallon cost of fuel. Sales climbed 6.7 percent to $142.1 million.

Allegiant shares fell $3.91, or 7.4 percent, to $49.06 yesterday in Nasdaq Stock Market composite trading. The shares have more than doubled in the past year.

The worsening economy has caused business travelers to cut back much more than consumers, who are Allegiant's target customer, Gallagher said. The airline has diversified away from Las Vegas, which provides about a third of its passenger traffic, he said.

"There is a misconception out there that because Vegas is in trouble, we must be in trouble," Gallagher said. "We're doing fine."

The number of Las Vegas visitors will probably fall 3 percent to 4 percent this year as the recession deters travel and gambling, the Las Vegas Convention & Visitors Authority has predicted.