In 1818, Ferdinand VIII established the Taetro de Oriente, named after its adjacency to the Plaza de Oriente. However, the grand theatre did not open until 1850. During most of its early history, the Royal Theatre was the venue for the Madrid Royal Conservatory until it closed in 1925. From 1996 until 1988, it staged performances by the Spanish National Orchestra. Following a major renovation, the National Theatre regained its heritage as a premier opera house.