Hi Doe, we have had some really great deals in the past few years for the Arena Inn "cheap and cheerful", but we had no problems with it. We think El Gouna is such an easy place to get around, and we still havent eaten at all the restaurants! There is something to suit just about everyone, and each to their own etc., but if you like Thai, the White Elephant has always been really good. (Although Movenpick do have their own Thai restaurant). The Oriental serves Egyptian food, the freshly cooked bread is delicious. Athena the Greek Restaurant is another good one, Upstairs, Captain's Inn, Bleu Bleu, there are so many,just about every nation covered, oh not forgetting Miss Saigon, Vietnamese. There are also some new ones opened since we were last there, so much choice! Restaurants are either Downtown or around the Marina. Downtown is split into two areas, Tamr Henna and El Khafr (apols for the spelling!) but overall not too big to walk around to check it all out. The marina is within walking distance, if you dont mind walking in the heat, but probably best to go by toc tock or bus first to see whether you fancy the walk or not. You can get weekly bus tickets which also cover some of the boat taxis around the lagoons, one of which picks up at the Movenpick.
You should find the El Gouna magazine in your hotel room, which lists all the restaurants, and also all local activities. This can be accessed on line, will be the winter version at the mo, sorry no idea of the web address but if you google it you should find it.
I've probably repeated what you already know, but happy to help - we can't wait to go back in September!!