Built in 1900 as the Theatre Republic, the architecture and design of the theater heralded a new era in showmanship and exhibition. In 1902 it was renamed the Belasco Theatre. By 1914, the theater was renamed again as the Republic. The theater continued its run as a legitimate theater until 1932, when it became Broadway's first burlesque house.
By the 1940's, the theater was renamed Victory and began to show second-run movies. When 42nd Street's fortunes plummeted in the 1970s, the Victory became the first to show pornographic movies and continued doing so into the late 1980's.
In 1990, the Victory came under public ownership, in an effort to revitalize 42nd Street. Leased to a nonprofit organization, the theater's renovation began in August of 1994 and was completed in December 1995 at a total cost of $11.4 million and renamed New Victory.