The current building, designed by modernist architect Harry Seidler, was built in 1976 and has offered a broad range of entertainment since the 1990s.

It closed in March 1838 and a few days later Joseph Wyatt's Royal Victoria Theatre, a much larger building, was opened, with an entrance on Pitt Street.

Public agitation and action by construction unions once it was closed to save it resulted in the developer Lendlease incorporating a replacement 1,180-seat theatre into the design.

[citation needed] Theatre Royal Sydney (TRS)[5] has hosted a mix of entertainment, with notable productions such as The King and I, The Rocky Horror Picture Show, War Horse, Cats (1985-1987), Les Misérables (1987-1988), and Phantom of the Opera (1993-1996).

[6][7][8][9] In March 2019, the NSW Government announced it had taken on a 55-year lease of the theatre from the MLC Centre developers, with the intention to reopen the venue with a private operator.