That's the title of a 1937 Paramount extravaganza starring Mae West, Lloyd Nolan and Louis Armstrong. And it also happens to feature the long gone Follies Theatre at 337 S. Main Street.
The photo here is one of the best views of the auditorium I've seen. A full size view is available on the LA Conservancy's Facebook photo album.
Have you seen the movie? I'm curious if more of the theatre is on view. Neither Netflix or my local library have it.
The Follies opened in 1901 as the Belasco. See the Follies Theatre page for more about the theatre and links to other photos.