Hi Guys:
That wasn't the only Belasco Theater...there was also the one that was adjacent to the Mayan Theater at Hill & Olympic:
(I have a slightly better historic photo of the two, but I just realized it's on my work PC. Bummer...)
Both buildings still exist.
The Mayan Theater is obviously still an active theater, and one with which I have a personal connection: My sister is co-creator, co-producer and performer in
Lucha VaVoom, a quintessentially Los Angeles attraction whose "home base" is the Mayan.
The Mayan's current owners also own the former Belasco theater next door, but sadly that building is only used as a storage annex for the Mayan.