Tasmania’s Mona is still bleeding money—but its survival hinges on David Walsh’s gambling empire, which has pumped over $69 million into the gallery and his other ventures over eight years. Despite a surge in visitors, Mona remains a loss leader, while its parent company Moorilla Estate saw a revenue boost but still lost $48 million—thanks largely to slashed staff costs. Walsh sees Mona as a cultural engine, not a profit machine, fueling his tech firm and acting as a showroom for innovation. The gallery’s art collection is now worth over $83 million, double its value eight years ago. Meanwhile, Walsh’s gambling arm won a court case forcing former employees to repay $3.75 million. He dreams of turning Mona into a spin-off incubator, hoping it’ll inspire wealthy patrons to fund public cultural projects—not just profit centers.
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