In the 1990s the Government of Brazil launched a large investment program in Northeast (NE) Brazil, called PRODETUR/ NE (Tourism Development Program/ Northeast). One of the program’s stated objectives was poverty reduction, given the high incidence of poverty in the NE region. Other economic, social, and environmental objectives were included in the project design. To assess PRODETUR/NE’s success in achieving its objectives, a survey of major tourism stakeholders was undertaken in the State of Rio Grande do Norte (RN). The survey investigated attitudes about overall perceptions of tourism growth and its economic, fiscal, social, and environmental impacts. The results indicate a divergence among stated project objectives, allocation of investments, and stakeholders’ perceptions with respect to the project’s impacts. A major finding is that PRODETUR/NE was not perceived by stakeholders to have had a major poverty-reducing impact. Stakeholders indicated the need for more investments in human resource development—as opposed to physical infrastructure—to allow the poor to benefit.