The Thatcher family built and opened the Lyric Theatre following the Thatcher Opera House fire in 1913. The opera house was located on the second floor of the bank building on the corner of Center Street and Main Street a few doors to the east. It burned on the same day as the sinking of the Titanic.
Newly restored and expanded in the summer of 2001, "The Crown Jewel of Center Street," opened to the public with a performance of Peg O' My Heart, and was renamed the Caine Lyric Theatre. The restoration and expansion included a new lobby/reception area, restrooms, storage space, green room, dressing rooms and gallery. The theatre celebrates a history of more than 150 productions and more than 1200 performances since the original opening of the theatre.
It is managed by Utah State University and provides a space for many types of performances. During the summer months the Old Lyric Reparatory Company, a semi-professional theatre company, puts on four plays including a musical, a farce, a mystery, and dramatic piece.