The Hollywood Theatre was built by the Bridge Theatre Corporation following a fire that tore through the original theater (named because it was connected to the bridge that spanned the Ausable River by its own footbridge). It was origianlly listed with a seat capacity of 400, but by 1950, it was listed with 456 seats (which included the balcony seating).

The Hollywood Theater was designed by architect Quentin F. Haig and opened on September 5, 1937, with the film Lost Horizon staring Ronald Colman and Jane Wyatt. Timber was milled by A. Mason & Sons Lumber, Peru / Plattsburgh. The theater was operated by Bridge Theatre, Inc. until Fred Pelkey owner of The Adirondack Record-Elizabethtown Post, a local newspaper, and Lawrence Bean bought the business. It was the longest operating theater in the area until it closed in the mid 1970’s.

In 1978 it was bought by Dick Ward. He went in to purchase the vintage popcorn machine for his kids and ended up buying the entire theater. His mother encouraged him to buy it as she was an avid movie-goer. He kept it operating until after her death.

In 1983, the seats were removed and sent to the Palace Theater in Lake Placid to for their twin theatre. The floor was leveled with a wooden platform so that machinery could be brought in for a luge factory called Avalanche Luge, which operated for a couple of years.

The building was closed until 1993 when John Pattnos purchased it as a warehouse to expand his carpets, appliances, and mattresses business.

The Friends of the North Country, a local historical society, tried to raise money to save the theatre, but was unsuccessful in part due to the dwindling size of the community and financial support. The Society was able to partially restore the façade of the building. Bricks were used to replace the original marble façade and they preserved a few of the original ceramic architectural details of the building which remain viewable today.

In 2006, it was purchased by Cory and Siera Hanf, who renovated it into a twin screen cinema operating seasonally. In June 2021, Norman Jabaut and Jason Andrew purchased the building with plans to return the theater to a single proscenium stage and offer year-round programing.