In Lake Placid, New York, singer Margaret Howard turns down Boston heir Phillip Cameron's marriage proposal despite the fact that she is broke and must auction her family's estate. Attending the auction is Steve Corelli, a music lover who has gambled his way into the big time. Steve hears Margaret sing and hires her to work at his cafe. Steve wants Margaret to sing opera, but when his nightclub audience is unappreciative, he transforms it into a dinner theater called "La Marguerita." Margaret's opening night performance of Rigoletto is a success, and to celebrate, Steve invites her to his apartment where he has a suite of rooms for her, but Margaret refuses his invitation. The next morning, Margaret finds Phil waiting in her dressing room and cancels her rehearsal schedule to spend the day with him. Steve, afraid of losing Margaret to Phil, tells her that the Metropolitan Opera wants to audition her so that she will not go to Boston with Phil. Then, Steve pays exorbitant fees to have Margaret study with the best teachers and finally manages to get a member of the Met, Maurizzio, to attend one of her performances. When Steve goes to tell Margaret of her success, he finds her in Phil's arms and after entertaining the thought of killing Phil, becomes drunk and goes gambling. Miller, the proprietor of the gambling house, demands payment from Steve after he loses $15,000. Steve pays him with a bad check and goes into hiding. Luigi, Steve's assistant, takes Margaret to see Steve, and he tells her that he cannot attend her opening night at the Met, but promises to listen to her performance on the radio. On opening night, Margaret tells Phil that he is not the one for her. Meanwhile, Steve cannot bear merely listening to Margaret sing La Boheme , so he goes to the Met and learns that Margaret has paid off Miller with a loan from Maurizzio. At the conclusion of Margaret's performance, she sees Steve in the audience and they blow kisses to one another.