This study aims to revisit the classic topic of tourist satisfaction formation in the context of urban tourism, and contribute to the dialogue by verifying an expectation-as-moderator paradigm. A model depicting the relationship between expectation, service performance, perceived value, and tourist satisfaction was constructed and tested based on three-year survey data collected from two major sectors of tourism industry in Hong Kong (accommodation and attraction), using Moderated Structural Equation Model. The results reveal that the moderation effect of tourist expectation exists in accommodation sector, but does not exist in attraction sector. The conclusion suggests that tourists with higher expectation towards accommodation service tend to be more sensitive to service performance. Theoretical and practical implications are discussed.