The Ambassador Theatre was opened in 1921 by the Shuberts. It was designed by Herbert J. Krapp and is uniquely designed diagonally to fit a maximum number of patrons.
The Shuberts sold the theater in 1935, after which it was used as a movie theater and a TV studio for 20 years. In 1956 the Shuberts bought the theater back, and it has since remained a legitimate theater under the organization's ownership.