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Named after the Austrian dramatist Ferdinand Raimund, the theatre was built by an association of Viennese citizens and opened on 28 November 1893 with Raimund's play Die gefesselte Phantasie. It can seat around 1,200 people.
The theater is currently owned by Vereinigte Bühnen Wien (VBW) along with the Theater an der Wien and the Ronacher. Its current main use is for major musical productions.