Built in 1924, and opened as a movie and vaudeville palace, it was originally called the B. S. Moss Colony Theatre, and is one of the few theaters that have its entrance on Broadway.

Moss, a mogul who operated a chain of movie houses, debuted the first Mickey Mouse cartoon, "Steamboat Willie", in 1928 at this theater. In 1930 he converted it into a legitimate theater and opened with a production of The New Yorkers, a musical by Cole Porter and Herbert Fields. With one of the largest seating capacities of any Broadway theater, it has been home to many award-winning productions including Les Misérables, Miss Saigon, Gypsy, and Evita.