 The Chicago Theatre , originally known as the Balaban and Katz Chicago Theatre , is a landmark theater located on North State Street in the Loop area of Chicago , Illinois , in the United States . Built in 1921 , the Chicago Theatre was the flagship for the Balaban and Katz ( B & K ) group of theaters run by A. J. Balaban , his brother Barney Balaban and partner Sam Katz . Along with the other B & K theaters , from 1925 to 1945 the Chicago Theatre was a dominant movie theater enterprise . Currently , Madison Square Garden , Inc. owns and operates the Chicago Theatre as a performing arts venue for stage plays , magic shows , comedy , speeches , and popular music concerts . 
