I found an article mentioning the theater being built as a twin in 1971. The auditoriums held 400 and 300. It was operated by Vicant Enterprises at that time. There plan was to build a small chain of mini-theaters around the state. This was their first. By the 1980's the name was changed to the "Playhouse Theaters".
The theater closed for 8 months in the early 90's for a time because in 1993 it was announced they were re-opening as a $2 budget house. This was undertaken by Ray and Grace Querciagross of Richmond who were looking for a side business to take on in addition to their regular jobs. They cleaned and remodeled the place adding new carpet and paint.
The name changed to Playhouse Cinema 3 at some point in 1993 also, so it was split at that time apparently. From what I can see from the listing this theater closed soon thereafter.