The Wallace Theater was built in 1928 by Wallace and Rose Blakenship. They had two sons W.B. and Royce. Their first theater was in Ropesville and the Wallace was the second theater they built. The Blakenship's built an apartment above the theater (behind the three windows above the marquee) and raised their family there until 1944. The theater was remodeled in the early 1950s. The Wallace's updated to cinema scope technology in 1954 which enabled the Wallace to be one of the first screeners for the cinema scope movie The Robe. This theater was in operation until the 1980s. The Wallace's expanded their theater holdings in the South Plains to 23. Some of those included Drive-ins. The theater is currently owned by George and Iris Keeling. They have been rejuvenating it for the past several years and plan to eventually reopen it.