The construction of the Rialto Theatre began in 1930 by the Chrysochou brothers. It was designed by the German architect Gunberg and was an example of contemporary architecture. It had a capacity of 800 seats in the stalls and balconies and was the second cinema – theatre in town after Giodramli cinema.
Soon, though, due to the depression and to loan liabilities the Chrysochou brothers sold the theatre to the local company N. P. Lanitis.
The Rialto had a grand opening on March 26, 1933. It mainly showed films, but also hosted theatrical and musical performances as well as carnival dances.
The crisis of the film industry as well as the theatrical Municipal taxes in the mid 80’s caused the closure of the Rialto.
The owner company’s decision, in 1990, to sell or demolish the building caused the angry reaction of organized groups and the people of Limassol.
Due to this reaction and the efforts of the specially founded pressure group "Initiative group to save Rialto" the Limassol Co Operative Saving Bank decided in February 1991 to purchase and renovate this historical theatre.
Further than the steady success of the performances the highest distinction for the Rialto is the recognition as a cultural institution with respect for the spectator, reliability and vision for the future.