Phantom of the Ritz (1988)

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