During the economic and social changes of the 1970s, business at the theatre slowed for owner Plitt Theatres, affecting ongoing viability. The Chicago Theatre was re-opened to stage shows in 1983 by Festival's Inc Production Director Lou Volpano who directed the rehab to showcase the theatre's viability with the first shows in forty years that included: Liza Minnelli, grand ballet with Alexander Godunov, Vegas stalwarts Steve Lawrence and Eydie Gormé and Bob Hope, jazz great Sarah Vaughn and many more over two winter weekends. "When I first scouted the location, there were bullet holes in the picture sheet and they were showing 'Shaft', but it was so magnificent a venue I knew it'd be a hit" said producer Volpano. In 1984, the Chicago Theatre Preservation Group purchased the theater and adjoining Page Brothers Building for $11.5 million ($ million today). The group attempted to maintain the venue as a picture theater but was unable to remain viable and the facility closed September 19, 1985. The last known films to play at the theater under its original incarnation were "American Ninja" and "Teen Wolf".