The theatre was partially funded by Iris, from earnings from a recent tour. The architects were Capetillo Servín and Federico Mariscal who based the work on the La Scala opera house in Milan, Italy. The theatre was opened on 25 May 1918, two days after the Mexican singer returned from South America. The event was attended by President Venustiano Carranza and his cabinet. The opening work was a staging of the play "La Duquesa del Bal-Tabarín" and Iris herself sand some of the musical numbers. After its opening, it was the most important cultural venue in the city, until the long-postponed opening of the Palacio de Bellas Artes in the 1930s. Despite the ongoing war in Mexico, Iris manage to attract a number of international stars to the theatre, including Enrico Caruso and Anna Pavlova.