Visitors are up, but Mona remains reliant on gambling funds

Mona's parent companies have filed eight years of accounts with the corporate regulator. (ABC News: Maren Preuss)

Newly filed accounts show Hobart's Museum of Old and New Art, Mona, remains dependent on owner David Walsh tipping in large amounts of money from his gambling interests.

Last week, Mr Walsh's privately owned Downward Spiral Enterprises (Tas) lodged eight years of accounts with the corporate regulator, giving a first glimpse of the finances of Mona's ultimate holding company.

Mona remains heavily dependent on money from owner David Walsh's gambling interests despite recent cost-cutting and a jump in visitor numbers, newly filed accounts from the loss-making Tasmanian gallery's parent companies show.

Last week, Mr Walsh's privately owned Downward Spiral Enterprises (Tas) lodged eight years of accounts with the corporate regulator, giving a first glimpse of the finances of Mona’s ultimate holding company.

The accounts for the years from 2019 to 2025 reveal that more than $695 million in dividend income sustained the Mona gallery and other businesses in Mr Walsh's empire, including the Moorilla Estate winery, beer maker Moo Brew, and DarkLab, operator of the Dark Mofo festival, which launches next week.

Downward Spiral made a profit of $63.9 million in 2024–25, largely driven by a $114 million dividend from an undisclosed source, offsetting ongoing losses from Mona, where a new exhibition by Julian Charriere opens tomorrow, and a new wing and library will open soon.

Hard Core is Julian Charrier's first solo exhibition in Australia. (ABC News: Selina Bryan)

Downward Spiral wholly owns Moorilla Estate Pty Ltd, which, in turn, owns the Mona gallery.

Last financial year, in separate accounts filed last week, Moorilla Estate reported an 8 per cent jump in Mona visitation to 354,000 admissions, although this remained 15 per cent lower than pre-COVID levels.

Hobart's landmark Museum of Old and New Art has racked up a staggering amount in losses since it opened in 2011, but founder David Walsh is still building.

Moorilla Estate's revenue increased by $11 million to $52 million, and the bottom line improved by $15 million with losses shrinking from $63 million to $48 million.

The improvement was driven by a big drop in employee costs, although reported staff numbers doubled to 1,236.

In an email exchange this week, Mr Walsh told the ABC the latest headcount figure included casuals. He said the full-time staff employed at Mona was much lower.

This year's edition of Dark Mofo launches next week. (Supplied: MONA/Remi Chauvin)

"We reduced staff