Groucho Marx plays two-bit producer Gordon Miller, who has gone deeply into debt while trying to stage a turgid production called "Hail and Farewell".
Miller and his entire cast are ensconced in the Great White Way Hotel, managed by his brother-in-law Gribble Cliff Dunstan, who is fed up with the troupe's inability to pay its bills. As Miller, his director Harry Binelli (Chico) and his business manager Faker Englund (Harpo) try to figure out new methods of raising money, in walks Leo Davis Frank Albertson, the wide-eyed playwright, who is unaware that his masterpiece is in danger of closing before it even opens.
He soon figures out what's what after Harry and Faker hock his typewriter for eating money. When hotel inspector Wagner Donald MacBride threatens to throw Miller and his entourage out bag and baggage, the producer and his cronies fake a measles epidemic so that Wagner will be forced to allow them to stay.
Salvation seems at hand when Jenkins Philip Wood, a potential backer, arrives with a blank check in hand. But after sampling a bit of the lunacy that has surrounded the play since its inception, Jenkins dashes off, refusing to finance such a chancy property. Miller manages to mollify Wagner by pretending that Jenkins has invested money in the show, but when this scheme falls through, our hero resorts to really drastic measures by pretending that Davis and Faker have both committed suicide because of Wagner's persecution.
Special Notes: Lucille Ball appears in the lead female role, only her second starring role in almost a decade in film, but she doesn't make much of an impact.