Gaiety Theatre was the development project of film actor and producer Broncho Billy Anderson. After opening the motion picture theater did not realized the hoped for success, and in 1915 Anderson turned control over to Ackerman and Harris and the theater was renamed the Hippodrome. In the mid 1920s the theater became the Union Square Theatre, which presented live entertainment and motion pictures.

In the 1930s, the theatre continued to struggle after being redubbed the Filmarte Theatre and eventually closed in 1933. The building was demolished in 1936 for a department store expansion.

References: Tillmany-TheatresSF p. 52.