Like sharks, manta rays too are under threat. They're
being hunted by fishermen for their gill plates, highly
desired in Asia as a tonic for many medical conditions.
A 2011 study by the Manta Ray of Hope Project estimated
the value of this market at $11.3 million annually. But
a recent study reported in PLOS One states that manta
ray-watching tourism, if managed properly, can be a far
better economic alternative in countries where the animals
are big attractions.
Three researchers from the conservation nonprofits
  WildAid, Shark Savers and the Manta Trust reviewed
  23 countries that have manta-ray dive and snorkel
  operations, then estimated that direct revenue to the
  dive operators is at least $73 million annually. Direct
  economic impact (hotel rooms, restaurant meals, etc.) on
  those tourist regions is $140 million annually. Ten countries
  account for 93 percent of that revenue estimate --
  Japan, Indonesia, the Maldives, Mozambique, Thailand,
  Australia, Mexico, the U.S., Micronesia and Palau.
One example where tourism trumps fishing as the
  top job for locals is in Indonesia's West Papua Province,
  where manta rays and sharks are big tourist attractions.
  A 750-square-mile conservation zone was established
  through lease agreements between villages, that own
  the fishing rights for the area, and Misool Eco Resort,
  built on an island previously used as a shark finning camp. Locally-hired rangers, some of whom were formerly
  in the shark-finning trade, now enforce regulations
  in the conservation zone. The villages benefit from
  lease fees, employment, the resort's purchases of their
  fish, and improved fishing in the waters surrounding
  the no-take areas of the conservation zone. Recognition
  of the value of marine ecotourism has since led to legal
  protection in Raja Ampat for manta and mobula rays,
  sharks, turtles and dugongs.
One downside is overcrowding at some of the sites
  where people go to see the mantas. All the attention
  could negatively impact the rays' behavior; one dive
  operator surveyed said that manta ray sightings had
  decreased at very crowded sites.
Still, the decline of manta rays from overfishing,
  combined with their slow reproductive rates, means
  that manta fishing revenue will disappear. Meanwhile,
  the demand for marine-focused eco-tourism is expected
  to grow significantly over the next 20 years. While that
  may not keep this threatened species off the extinction
  list, the study asserts that development of well-managed
  tourism offers a promising alternative - for the rays and
  for the people.
"The Global Economic Impact of Manta Ray Watching Tourism,"
  by M.P. O'Malley, K. Lee-Brooks and H.B. Medd; PLOS ONE
  8(5): e65051. doi:10.1371/journal.pone.0065051
PS: Shark Savers has recently merged with WildAid.
  For more information on WildAid's important work, go
  to www.wildaid.org