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Built between 1926 and 1930 by the architects, José de Aragón and José María Mendoza Ussía, the Rialto was founded in 1930 as Cines Rialto (known as Cine Astoria between 1932 and 1934), specialised in American musical comedies. In the 21t century, the cinema was transformed into a theatre and is run by SOM Produce.  

With capacity for 1,020 spectators, the Rialto has hosted musicals, such as "Hoy no me puedo levantar", "Enamorados Anónimos", "40 El Musical", "Cabaret" or "Más de 100 mentiras", concerts by groups like La Oreja de Van Goh, Rosana, Niña Pastori, Siempre Así, Jarabe de Palo, Juan Perro or Jane Birkin, or shows like that of the illusionist, Antonio Día - El Mago Pop.

Private parties can also be organised, during which the theatre is closed to the public for a private function. It also allows its facilities to be used for business events and congresses, offering a customised catering service.