The building is currently owned by the Lexington-Fayette Urban County Government and leased to a non-profit that shows films and hosts concerts and events.

The theater's schedule emphasizes foreign, independent, and art films, although more typical Hollywood movies are occasionally shown, as well.

In 2000, the Kentucky and its manager Fred Mills found themselves embroiled in controversy over the showing of an X-rated film entitled Disco Dolls in Hot Skin.

Mill's charges were dismissed upon arraignment, and the Lexington city council voted 11 to 4 against holding a review on the issue.

[7] The Lexington-Fayette Urban County Government terminated the operating contract with The Kentucky Theatre Group, Inc. at the company's request.