The Building at 4th and Main was reconstructed as the Majestic Theater in 1910 after a fire destroyed the original structure.  In the late 1960's, the theater was slated for demolition, but dodged the wrecking ball with the help of a group of Dubuquers who rallied to save the theater.  Their action marked the beginning of the Dubuque Five Flags Center, a city block dedicated to enhancing the cultural experience of Dubuque.
 
The Five Flags Theater has undergone substantial restoration with new restrooms, a roomier balcony, restored seats, plaster repair and a complete repainting to the original colors. Special care was taken to preserve the historic Five Flags Theater with the expertise of the areas premier restoration professionals.
Five Flags Theater stands on a historic landmark of public entertainment since 1840.