The economy is being blamed for a drop in tourism in Egypt however, I wonder if Egyptian officials attitudes towards its tourists may also be playing its part. I have many friends who love Pharaonic Egypt but who have no desire to visit the country.
Many western tourists may choose to spend their money in democracy's which Egypt is, of course, a dictatorship. Western tourists may also be uncomfortable supporting a regime where freedom of speech is not allowed and which journalists or bloggers can be jailed for publishing views which run contrary to the state line referred to as defaming the state or its president.
Egypt may have lots of ancient monuments but it also has an ugly side which many western tourists would probably rather not spend their hard earned money supporting.