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It was built by Antonio Leal Martín and designed by architect Antonio Pintor. It opened in September 1915 and was one of the first venues to meet the needs of the late 19th century society who demanded cultural events. It hosted all kinds of musical comedies, great operas and floral games; it also staged events and popular festivals, thus democratising and bringing culture to the people. This is where the first major film screenings took place, mainly by filmmaker and entrepreneur José González Rivero and Juan de la Cruz Martín. This activity went on up to the 1960s.

Its cultural programme is available on its website

The building has three storeys facing the façade and four storeys at the rear. The exterior is symmetrical and eclectic featuring modernist elements, like the corbels in the shape of masks, vegetal elements in the balusters, the capitals and the friezes. The medallions depicting Lope de Vega and Calderón de la Barca were added in 1931-32. Its interior is quite impressive and the floor in the stalls can change from being inclined to fully flat, which meant balls could be held there. But the wall paintings surrounding the stalls are its more attractive feature and include sea and seaside landscapes of romantic atmosphere. The ceiling is painted with a celestial scene combined with a customs and manners scene. They are all by painter Manuel López Ruiz.

In addition, there are twelve wall landscapes by Benjamín de Sosa y Lugo; plus eight canvases in the dress circle depicting muses of the performing arts. These are by Manuel Verdugo Barlett.

As years went by, the theatre languished until it was purchased by San Cristóbal de La Laguna Town Council in 1982. From then on, several partial refurbishing works were undertaken until a full refurbishment project was carried out in 2000, followed by an extension in 2005 (including the adjacent building). Once the works were finished it re-opened in September 2008.