Visitors are up, but Mona remains reliant on gambling funds

Topic: Libraries, Museums and Galleries Mona's parent companies have filed eight years of accounts with the corporate regulator. (ABC News: Maren Preuss) Breathe is one of the works . (ABC News: Selina Bryan) More visitors to Mona, fewer staff 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. 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. Mr Walsh declined to identify the source of the rich dividend stream to Downward Spiral but said: "Mona isn't going to fall over." Mr Walsh told the ABC he hoped eventually to "get the money back" through spin-off businesses like Art Processors, which developed The O digital guide used at Mona and sold to other cultural institutions around the world, and has patented digital queuing technology. Mr Walsh said he doubted that he would sell Art Processors, also known as ArtPro, "but it will become profitable". "Our key assets are our cataloguing system and the queuing patent. But ArtPro has a bunch of other viable assets," he said. Julian Charrier's exhibition opens at Mona tomorrow. (ABC News: Selina Bryan) Mr Walsh described Mona as a "loss leader, with investment strategies". "Mona's profitability will never be through instruments of Mona," he said. "Art Processors has very good products informed by Mona, and we have an expectation that the library cataloguing system will be a worthy product. "Mona is a showroom, but also a stimulant for insight. Mona will not be a profit centre, but it is an engine for profitability." "I'd prefer Mona to be a discoverable enigma [like a gemstone on a beach] to a corporate asset. "The ideal outcome for Mona is not as a maverick engagement, but an exemplar for other wealthier, more avaricious individuals to do something public-facing with a sliver of their cash hoard. "I chose Mona over private islands, jets, and big boats. There are plenty of Australians [and others] who wouldn't have to choose." David Walsh and Kirsha Kaechele are the couple behind Mona. (Supplied: Amy Brown) Downward Spiral's accounts show the artworks held at Mona are valued at more than $83 million — an amount that has more than doubled over the past eight years.