The Palace was originally born in 1926 from community efforts to have a year-round theater in Lake Placid. It was then that members of the community gathered to form the Adirondack Theatre Corp., realizing the importance of investing in a central gathering place and Main Street anchor. Through the collaborative vision of the founders, including Henry Uhlein and the Mirror Lake Inn, and through the careful attention to preserving this community asset over the years, the Palace remains an important part of Lake Placid's legacy and a vital component to economic vitality in the future.

Thanks to the Go Digital or Go Dark campaign, this family-owned and operated theater was able to upgrade to digital projection and sound equipment in the fall/winter of 2013.