The bioeconomic effects of establishing a three-zone Marine Protected Area (MPA) are investigated. The division of the area into zones, fully protected, partially protected, and a fishing zone, permits a combination of extractive (fishing) and touristic activities. The consequences for species conservation, commercial fishing, and touristic activities are analysed for a set of different area-size distributions and fishing-effort levels. The model parameters are based on Medes Islands MPA in the northwestern Mediterranean. For the case study, the economic analysis includes revenues from scuba diving, glass-bottom boat trips, and commercial fisheries. Our results help to illustrate the benefits of the coexistence of extractive and non-extractive activities in a realistic, three-level MPA.