Thompson Theater resides within Caldwell Hall, the building that now unites Muskingum College's speech, journalism, theater, and graphic arts programs under one roof. The complex includes a radio station, television studio, state-of-the art design and technology classrooms, as well as an exhibition gallery and an experimental theater/ rehearsal hall. Muskingum College held a formal dedication ceremony of Philip and Betsey Caldwell Hall in October 22, 2004, as a part of the College's Homecoming Weekend festivities.

Thompson Theater is a 250-seat flexible space, which can be used as a theater, recital hall, or cinema. The theater is equipped with removable risers that can be placed between the fixed seating and the stage to create a "flat floor" setting, or removed to create an orchestra or seating pit for a proscenium-style theater. An adjustable "false proscenium" and the use of sixteen lines of double purchase counterweight line sets are additional elements which adjust to create this setting.

In order to adapt the acoustics of the room for various performance needs, the theater has acoustic curtains, which can be extended over the walls to absorb some of the reverberant energy. This change creates what is known as a "dry" environment, supporting the needs of speech and amplified events.

Artec provided Design and Planning services covering Auditorium Design, Facility Planning, Specialized Performance Equipment Systems Design and Noise & Vibration Control consulting. Architect for the project was Bialosky & Associates.