Relatively few studies have examined how the degree of involvement of local communities in nature-based tourism, and the benefits that are generated for them, impact the choices that tourists make when visiting developing countries. We surveyed over 400 visitors in multiple locations in Namibia, using a discrete choice experiment to elicit preferences for attributes reflecting tracking safaris of the critically endangered, desert-adapted black rhinoceros (Diceros bicornis bicornis) in the northwest of the country. Attributes included those related to local community involvement and the benefits they receive from tourism, as well as the reinvestment of tourism profits back into rhino conservation, and the wildlife likely to be seen on safari. Using a latent class model that assigned tourists to market segments based on the observed pattern of responses in the choice experiment, we find that respondents can be divided into four classes that reflect differences in tourism preferences and their own demographics and experiences. While responses to attributes varied across classes, respondents were consistent in demonstrating a strong preference for the largest share of profits being returned to the local community, and were willing to pay an additional $43–670 to ensure this happens. Respondents in the four classes differed in their views toward the financing of rhino conservation and the participation of community trackers in rhino safaris, although those respondents in the class most interested in rhino tracking safaris were willing to pay an additional $34 per trip for tracker involvement. Our results demonstrate the value of assessing heterogeneity in tourists' preferences for wildlife experiences, and suggest that appropriate pricing and marketing may result in "triple bottom line" gains for nature-based tourism. Keywords: black rhinoceros, choice experiment, communal conservancies, ecotourism, Namibia.