There were comparable picture palaces in other cities in Britain and Australia, few of which now survive and, apart from the Dunedin building, none in their original form.

Purchased by the Otago Theatre Trust in 1973, the building has since been adapted to work as a live venue, although it still also functions as a cinema during film festivals every year.

At the end of 2010, the theatre began $7.5 million refurbishments including upgrading the flying system, replacing the chairs, carpet and other work.

[3][4] The sale was held at the theatre each year, usually in May, until 2022 (excluding a two-year hiatus made necessary by the Covid-19 pandemic) over a single session lasting 24 hours.

[5] The theatre has some associated ghost folklore, with patrons claiming a feeling of someone or something kicking the underside of seats, taps being turned on, and clocks stopping.