Golden City Theatre (Wan Chai) / 金城戲院 (1951-58); and the photo was taken in 1951 its first year of operation. Luk Kwok Hotel / 六國 is on the right side of the theatre looking from the water.
Photo source: uwants.com - post #1454 by user 4rex - http://www.uwants.com/viewthread.php?tid=14833421&page=97#pid210087526