 The theatre was operated by Magic Lantern Theatres as a first run cinema until January , 2016 . At that point Plaza Entertainment , headed by Mike Brar , took it over again , ending Magic Lantern 's tenancy . In 2006 , after a lengthy dispute with a local developer , the City of Edmonton demolished the Gem Theatre ( constructed 1913 ) on Jasper Avenue , making the Princess the city ’ s oldest surviving cinema . 
