Large investments in the real estate and tourism sectors and rising numbers of tourists and immigrants have led to a sustained boom in Dubai and Las Vegas. At the same time, against the background of an urban governance and the transfer of competences to private and semi-state actors in both metropolises, a brisk urban transformation has been embarked upon, leading to the creation of countless entertainment, shopping, and artificial worlds. This development is primarily characterised by the theming of everyday life, but above all an ?Economy of Fascination?. The casino and hotel landscapes simulating various scenes from Ancient Rome to modern New York, artificial islands in the shapes of palm trees or whole world maps as well as other superlatives in the form of themed shopping malls and sports arenas are the most visible results of these rapid changes. This paper develops guidelines for a research perspective called ?Economy of Fascination? and turns to Dubai and Las Vegas to exemplify the approach. An analytical understanding first builds on general trends and development lines against the backdrop of urban governance, entertainment orientation, and commercialisation. They form the starting point for an analysis of the mechanisms of ?attention? and ?fascination?, which are considered to be the main aspects of an ?Economy of Fascination?.