Source: David Vitek
That is indeed the old drive in theatre movie maquee. Cinema Carousel has a full size musical carousel in the lobby. The round looking part of the building in the picture is where it is located. 32 horses and 2 chariots if I remember correctly. Started as a two screen went to 4 screens then to 6 screens then to 12 screens and the to the present day 16 screens.
Last 4 screens were built as true stadium theatres the rest of the building was retro fitted. With the addition of the last 4 screens a new concession stand was added the Carousel room was built (carousel had to be put in before room was finished) a game room, new back entrance and a birthday party room.