Phantom of the Ritz.

Ed Blake is a balding middle-aged man who decides to buy an old movie theater, The Ritz, to shape it up into a retro 1950s music hangout. With the aid of loyal girlfriend Nancy, foreman Bruno, and assistant Marcus, Ed is able to assemble a construction team to plan to be on time for the grand reopening. But unknown to everyone, a disfigured character has lived in the passageways of the old theater since the 50s, occasionally popping out to murder an indigent or intruder that happens upon his domain.