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The establishment of protected areas is a widespread practice designed to curb environmental degradation. However, it is often criticized as limiting the expansion of agriculture and natural resources extraction. Ecotourism in protected areas thus appears as an alternative use of the land, concurrently contributing to the goals of reducing poverty and protecting ecosystems. In this paper, we study the nature and the strength of the link between land protection, ecotourism and monetary welfare, in Nepal. We use the PLS regression method on cross-sectional microeconomic data. We find a positive relationship between conservation and welfare, as well as between ecotourism and welfare. Finally, the strength of the link between conservation and welfare seems to be increasing in areas where ecotourism develops.