The theatre was a response to the enormous success of Thomas Barrasford's Royal Hippodrome Theatre (4,000 capacity, built 1902, demolished 1984) which stood a very short distance away; the Olympia never managed to meet the success of the Hippodrome, and never managed a profit.

The roof space still holds pulley, and wheel mechanisms used by trapeze artists (including the famous Henderson family).

The ornate interior still reflects the building's past with elephants, lions set into Indian wall Panelling.

The Olympia reopened in the 1990s, and after substantial renovations is currently used as a venue for all kinds of events including boxing, dance showcases, music concerts and more recently wrestling events (including Ring of Honor's 2006 and 2007 shows in the UK, TNA's 2008 UK tour and also 1PW's The New Divide show).

[citation needed] The Olympia was designated by English Heritage as a Grade II* listed building in 1975.