Dannevirke's Regent was one of two Art Deco cinemas in Tararua District.
It had been closed since 2012 and the sisters had tried once before to get the cinema reopened.
With the help of the trustees, the theatre can now open four nights a week, playing one movie each week.
Alex-Stephanie and Alison gave their thanks to the trustees.
"We're so grateful for the assistance and help and we also want to say a massive thank you to the volunteers and the committee and all of the community support we have received. It has been amazing."
Volunteer committee chairwoman Tracy Winther spoke about the trust that was now responsible for the operation of the cinema.
She said the theatre opening was a significant milestone and "the first step in a much bigger vision which is a really exciting opportunity for the community of Dannevirke".
"It is the objective of Moviefest to provide opportunities to educate and encourage amateur movie makers to create, promote, screen and publish their work. The cinema can and will showcase local moviemaking talents and intends to provide opportunities to learn about aspects of filmmaking with movie competitions and other intriguing projects that are in planning."
Winther said there was still much to be done and the trust needed to raise another $100,000 for a new DCP projector as well as electrical work.
She said further fundraising events were being planned.
Guests were treated to a special screening of This is New Zealand, which first premiered at Expo '70 in Japan.
The roughly 20 minute film was considered ground-breaking in its day for its three projectors screening separate images, as well as its views of New Zealand.
A documentary on the making of the film, which included interviews with some of those who worked on it as well as New Zealand filmmakers such as Sir Peter Jackson, followed the screening.
The night also included a special guest, sound mixer Brian Shennan, who talked about his work in the New Zealand film industry.