Well, we didn't get anywhere solving the last mystery theatre puzzle but I have high hopes for this one.
The photo is from the Los Angeles Public Library again. "Toast of New York" was released in 1937. I'm assuming the "Owl Show" that the theatre is advertising was a late night event.
The Library's caption tells us it's view by Herman Schultheis of a theatre in Hollywood but leaves it up to us to guess what theatre it is. You can click on it for the Library's full size view -- but it isn't very large.
Do you recognize the marquee? How about the terrazzo pattern? For this we we may have to call on the city's chief terrazzo connoisseur, Michelle Gerdes, for a final determination.
Let me know if you have any ideas.