Opening on January 16, 1926, it had seating for 4,000 patrons and was one of the largest theatres in the country. Long before the Loew’s “Wonder Theatres”, the lettering above Shea’s double bronze doors proclaimed this theatre to be “The Wonder Theatre.” With an initial budget of $1 million, Michael Shea wanted his masterpiece to rival other show houses in the major cities across the country and spared no expense; consequently, the building costs quickly escalated to almost $2 million. Chicago architects C.W. and George I. Rapp designed the building; world-renowned artist and designer Louis C. Tiffany designed the interior. The Rapp brothers used the finest furnishing companies to outfit the building.

The terra cotta exterior, Czechoslovakian crystal chandeliers, and marble staircases created a look of opulence-meant to resemble the baroque opera houses of Europe from the 16th and 17th century. Tiffany gets the credit for the amazing ceiling detail and the massive chandeliers, in a Spanish Baroque Revival style with a modern American adaptation. Newspaper reports boasted that 7,000 electric lights were used to illuminate the front entrance. Two orchestra pit elevators, one for the orchestra and one for the organ console fronted the stage.

As the first vaudeville stop after New York City, many of the brightest stars of the era graced its stage. Organist Lloyd G. Del Castillo was at the console on opening night. Cab Calloway and George Burns performed on opening night, as well as at the 50^th anniversary grand reopening in 1976 when the theatre was saved by the “Friends of the Buffalo!” Other notable organists included Jesse Crawford, Ann Leaf, C. Sharpe Minor, Albert Hay Malotte and Henry Murtaugh. The theatre was wildly successful in its first three years of operation. It was leased to the Famous Players-Lasky Corporation which became the Paramount Corporation, it was also part of the Famous Players-Lasky vaudeville circuit.