This article explores the interpretative, managerial, and ethical issues present in dark tourism, namely ghost tours. Accordingly, a comparative case study of ghost tours in Edinburgh, Scotland, and Toledo, Spain, was conducted utilizing key informant interviews and participant observation. Because the academic literature on ghost tours is rather limited, this study presents unique findings in relation to managerial perspectives on issues of ethics, interpretation, and operations in ghost tours as a dark tourism activity. It also provides observational evidence on these aspects by means of participant observation in ghost tours. The study concludes with a note to possible future studies.