The building was first rebuilt by Ben Blumenthal in 1922 as a theatre, from next year on it was in service, going under the name of the Capital Operetta Theatre. Firstly operating as an artist theatre with mainly prosaical performances. Its studio theatre called Warehouse Theatre, is still functioning nowadays. Until the beginning of WWI the building gave home to the Orfeum, but with the end of peace the golden age of the Orfeum also came to an end, thus the entertainment palace closed its doors. The nostalgic era of the so called „times of peace” after the war also went by quickly, leaving the entertainment business quite unattended. During the history of the theatre, preserving the heritage of the classical operetta and enriching it with modern artistic motions was the main goal. Besides Vienna, Budapest is said to be the capital of operetta, practiced and performed with extremely high niveau. Since the 60’s the versatile troupe of the theatre presents musical performances, like „My fair Lady” or „West Side Story”, with grand appreciation.
The building that gives a home to the Budapest Operetta Theatre today was designed after the plans of famous architects, Helmer and Fellner of Vienna, in 1894. The great stage of the theatre hall was surrounded by an intimate baignoire, first and second tier boxes, furthermore a dance parquet gave room for waltz, polka and galop. The ornate winter garden included the finest French restaurant and along the streetside, a beautiful Concert Café was opened. The large venue has nine hundred and one seats today, above the auditorium the hundred year old chandelier spreads its light. The box rows, the gilded stucco-works, walls covered with velvet tapestry and the sight of the allegoric statues embellishing the entrance really inaugurates a theatre night as a true celebration.
Leadership of the theatre feels obligated to bring all the functions of the rebuilt and beautified building to effect, and fill its role in the Hungarian art and social public life as a multifunctional cultural center. In these last few years it became more that a simple musical theatre, a modern, European dual-division music theatre, where operetta presents the traditional values and literary, history based musicals introduce modernity. The theatre became a hub of the Hungarian social life with its almost 500 annual performances. Performances are visited by almost 500 000 people a year, attendance is practically 100%. Musical and Operetta performances are both exeedingly successful, tickets for Romeo and Juliet are completely sold out a month prior to the event and people cheer, giving standing ovation to the performers at the end of each night.
Written and E-media both treats the new premieres of the theatre in highlight, promotional campaigns concern the most important media characters, they come to existence in cooperation and support of the main TV companies. Leading soloists of the theatre are true stars in the Hungarian media, due to their talent and personality they enjoy the utmost attention of it. CD and DVD publications of the performances soon become gold and platinum discs, prosperous productions bought in thousands of copies. Theatre production and the troupe gained ten thousands of fans, consistently following the events of the theatre and awaiting the stars after each performance at the artist entrance. They rate and analyze the performances on the internet forums and take part on each major event the theatre informs them about, in newsletters. The Budapest Operetta Theatre became an acknowledged intitution abroad as well. Performances are often held on prestigious stages and important festivals of Europe and sometimes also in America and different parts of Asia. Recent appearances were in St. Petersburg, Prague and of course Vienna.