The Princess of Wales Theatre is a 2,000-seat live theatre in Toronto, Ontario, Canada. It is located on King Street West, in Toronto's downtown Entertainment District. The theatre's name has a triple meaning: it honours Diana, Princess of Wales, with whose consent the theatre was named; it links the building to its sister theatre, the Royal Alexandra, one block to the east, also named – with Royal assent – for a former Princess of Wales; and it recalls the Princess Theatre, Toronto's first "first-class legitimate" playhouse, that stood three blocks to the east until 1931.