Hi Sharm is one of the best night time destinations in the red sea. It has Pascha nightclub and Little Buddha, The Bus Stop, Hard Rock and numerous bars and hotels where you can find lots of night time entertainment.
Sharm is cheaper to fly to than Hurghada. Eating and drinking out is very cheap and prices I found on a par with Hurghada. Old Market in Sharm is alot cheaper than Naama Bay.