The venue hosted aqua follies, 'swimusicals,' ballet, dancing, comedy, jazz, and concerts. The theatre included a round stage and floating orchestra pit which was recessed below the stage. There were high diving platforms on each side of the stage which encircled the edge of the lake. There was also a large 'moat' in-between the 'fan-shaped' grandstand and stage/orchestra pit.

A concert by the Grateful Dead on 8/21/69 revealed the grandstand was crumbling and unsafe. The theatre was dismantled starting in 1970, when the diving towers were removed. In the late 1970's, the majority of the grandstand was removed to make way for a small craft center which was dedicated on 9/27/80.

Some sections of the grandstand from the Aqua Theatre are still in place. Stage right is a pedestrian pier, and stage left provides storage for crew shells. The small craft center constructed in 1980 to accommodate rowing, sailing, and canoeing on Green Lake still exists today.