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Showman Dan Bradley prepares for the opening night of his lavish new restaurant/theater in Hollywood which is being backed by a lovable eccentric, Alfred Gaylord, who appears to have unlimited cash. When Alfred visits the dressing room of the show's temperamental star, Margaret Weston, she complains about the quality of her wardrobe and Alfred promises to improve it. Margaret is in love with Dan, but he is enamoured of scenic designer Ruth Harmon and asks her to marry him. However, Margaret tells him that if he is involved with another woman, she will leave the show. Margaret's younger sister Barbara has a job at the restaurant as a cigarette girl, but persuades Dan's buddy, Chuck Russell, to arrange for her to audition for Dan as a potential understudy for her sister. Later, the doors are flung open and a big crowd flows in for dinner and the show. Unfortunately, Alfred's son Jim also arrives to take Alfred back to a sanitarium and explains to Dan that his father is a harmless lunatic who likes to pose as a backer but is totally without funds. Faced with this news, Dan has to hope that his opening night will be a hit and that he can manage to survive. The opening number and Margaret's first solo are hits, encouraging Dan to let Ruth know what their future together will be like. However, Margaret overhears their conversation on a backstage intercom, errupts and quits the show. When Dan risks substituting Barbara for Margaret, Margaret remains in the audience to see her perform, but Barbara becomes petrified with stage fright and is unable to go on. Margaret saves the day when she forgives Dan and agrees to perform, remarking that it may be the first time a star has made good for an understudy. The success of the show suggests that there will be no financial disaster.