The touring Broadway production of “Some Like It Hot,” which opened Tuesday at the Orpheum Theatre in downtown Minneapolis, is most definitely not a straightforward retelling of the 1959 comedy of the same name, which is widely regarded as one of the greatest films ever made.

Rather, it’s a deft reimagining of the source material that takes a deep dive into exploring the concept of identity without feeling preachy or overbearing. Much like Ryan Murphy’s Netflix series “Hollywood” and the most recent Quentin Tarantino films, it takes a look at a classic tale through a 21st century lens. It’s revisionist for sure, but in the best possible manner.

Set in 1933, just prior to the end of Prohibition, “Some Like It Hot” follows Joe (Matt Loehr) and Jerry (Tavis Kordell), a pair of small-time grifters and wannabe performers in search of their next mark and/or paycheck. After inadvertently witnessing mob boss Spats Colombo (Devon Goffman) and his associates murder an informant, the pair hatch a plan to pose as women in a touring all-female jazz band. The idea is that once the group hits San Diego, Joe and Jerry — now Josephine and Daphne — will escape to Mexico to live lives free from mob retaliation.

The musical echoes two trends seen in other recent Hennepin Arts (the new name for Hennepin Theatre Trust) shows. Like “Company,” it alters the race and gender of key characters and like “Mrs. Doubtfire” it mines the (tired) comedic trope of cross dressing. But where the “Company” changes often felt forced and “Mrs. Doubtfire” stumbled into a mirthless mire, the updates in “Some Like It Hot” not only make sense, but bring a new excitement to the proceedings.

The original film broke boundaries in Hollywood and helped bring an end to the oppressive Hays Code that imposed overly rigid rules to Hollywood during the ’30s, ’40s and ’50s. The musical makes many nods to the movie’s gags and, one could argue, pushes a key plot point that director Billy Wilder could only hint at in 1959.

Above all else, though, “Some Like It Hot” is a whole lot of fun. The book by Tony winner Matthew Lopez (“The Inheritance”) and comedian Amber Ruffin keeps the action moving at a steady pace, with plenty of laughs along the way. “Hairspray” duo Marc Shaiman and Scott Wittman craft some catchy songs, too. (Fans of the pair’s work on the cult favorite NBC musical drama “Smash” are in for a pleasant surprise.)

Both leads Loehr and Kordell turn in outstanding performances and play well with each other and the rest of the talented cast. Edward Juvier brings to mind a youthful Nathan Lane in his portrayal of the eccentric millionaire Osgood Fielding III, who falls head over heels for Daphne. As Sugar, the singer of the jazz band, Leandra Ellis-Gaston channels her inner Josephine Baker, while Tarra Conner Jones is utterly hilarious as the band’s leader.

Unlike some traveling shows that come across as cheap and less-than, “Some Like It Hot” looks and feels as if it was plucked fresh from the Great White Way, from the talent to the costumes to the staging. And the stunning chase scene at the end of act two is one of the most spectacular things I’ve ever witnessed in a live musical. Miss this one at your peril.

‘Some Like It Hot’

When: Through Sunday
Where: Orpheum Theatre, 910 Hennepin Ave. S., Minneapolis
Tickets: $145-$40 via hennepinarts.org
Capsule: A spectacular 21st century update of the classic film.

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