The Museum of Old and New Art (Mona) in Hobart has reported significant financial losses totaling $408 million since its opening in 2011. Despite this, founder David Walsh remains optimistic about the museum's financial future. Recent corporate filings for Moorilla Estate, the parent company of Mona, reveal that the museum and its associated businesses lost $63 million in the 2023-24 fiscal year, an increase from $60 million the previous year. More updated financial figures are expected to be released in the first half of next year.

In an email, Walsh stated, "Mona is financially where I want it to be. Mona will never make money [in and of itself], and it was never intended to." He emphasized that if profit were his primary goal, he would have chosen a more lucrative location for the museum. Walsh is currently overseeing a $100 million expansion of Mona, which includes a new gallery wing set to open in December and a library scheduled for next year.

Plans for a hotel on the site are also under consideration, following the shelving of a previous $400 million hotel project in 2021. Walsh noted that the original hotel proposal included 172 rooms, a concert stage, and a library. Signs at the construction site humorously acknowledge Walsh's ongoing projects, stating, "Yep, David's building something new. At this point, we've given up trying to stop him."

Walsh estimates that Mona has cost him about $25 million annually over the long term. He referenced a 2018 report by Deloitte Access Economics, which indicated that the gallery generates $135 million in direct and indirect economic activity in Tasmania, supporting approximately 1,285 jobs statewide and $165 million nationally.

In terms of potential revenue increases, Walsh suggested several strategies, including raising ticket prices for the 300,000 annual visitors from $39 to $80, charging Tasmanians a nominal fee for entry, and scaling back music offerings. He also mentioned the possibility of opening on days when cruise ships are in port, although he expressed reluctance about catering to cruise ship tourists.

In the past year, Walsh has made significant cuts to Mona's budget, including canceling the MONA FOMA festival and securing additional state government support for the Dark Mofo winter festival. The museum has also reduced its workforce by about 50 employees, nearly 10% of its total staff.

Walsh, who made his fortune as a professional gambler, founded Mona out of a sense of guilt over his gambling success. He has not disclosed his current wealth but has previously been associated with a partner who was listed among Australia's wealthiest individuals.

Looking ahead, Walsh sees potential in the museum's technology subsidiary, Art Processors, which has developed digital guides and visitor experience platforms for various cultural institutions. He described Art Processors as his "great white hope" for future profitability, despite its current financial struggles. Walsh believes that the costs associated with developing Art Processors have contributed to Mona's losses but remains hopeful for its eventual success.

Additionally, Art Processors has secured a contract for the upcoming $150 million Cadbury Visitor Experience center in Hobart, which aims to attract 550,000 visitors annually. Developer Simon Currant praised Art Processors for winning the competitive tender to create a self-guided visitor experience for the new center, which is designed to be a unique Tasmanian attraction.