Milton Keynes Theatre opened on 4 October 1999, 25 years after the campaign for a new theatre first started and has placed Milton Keynes firmly on the country's cultural map.

The National Lottery award, amounting to £19.6 million kick-started the actual construction of the theatre and the Milton Keynes Theatre and Gallery Company was set up to continue to develop the project. Further capital to meet the £30 million costs came from English Partnerships (formerly Commission for New Towns) as well as fundraising in the town.