This study decomposes the casino hospitality business cycles of Las Vegas and Macao into highgrowth states (HGS) low-growth (LGS) using a Markov switching model. The gaming sector in experiences greater fluctuations than due to more volatility tourism flows; that is, has slightly higher HGS considerably lower LGS Vegas. Vegas’s cycle appears be robust Macao’s, although both are desirably asymme...