The theater underwent complete restoration from 2005 through 2009. A grand re-opening celebration commenced on January 10, 2009 featuring conductor Marcello Rota, and soloists Karina Grigoryan, Jessica Pratt, Anna Gorayacheva, and Roman Burdenko.
The Secretary to the Prime Minister, as well as Senator Franco Marini were in attendance. The restoration efforts totaled more than 3.3 million Euros. The reopening of the theater also fostered the formation of the Flavius Vespasian Foundation, aiming to promote international artistry and music.
The theater is well known for its excellent acoustics, a characteristic that earned the structure the very first National Award for the Acoustics. In referring to the acoustics, Professor Bruno Cagli, president of the National Academy of Saint Cecilia, once called the theater “the world’s best in that respect”.
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