It’s been almost 23 years since Kumu Kahua premiered “The Watcher of Waipuna,” Keith Kashiwada’s adaptation of Hawaii author Gary Pak’s short story of the same name. The issues both addressed in their time are relevant today. The opening-night audience laughed often — and in all the right places — at Thursday’s opening night show.

The premise is basic local theater fare: Two racist “haole” developers, financed by Japanese bankers, are planning to build a beachfront resort in Waipuna. All they need to move forward with the project is to acquire the 5-acre lot owned by an illiterate, mentally unstable Vietnam war vet named Gilbert Sanchez.

Sanchez’s tenuous grip on reality isn’t helped by the time he spends patrolling Waipuna with an elderly Japanese man who believes the area is threatened by an army of flying frogmen.

AS FOR the property, Sanchez inherited it from his parents and isn’t interested in selling; the first time the developers come to see him, he’s not even sure what they want or what they’re talking about. The developers draw his two sisters into a scheme that will lead to their getting their hands on it.

Director Harry Wong III shows the audience the extent of Sanchez’s unstable mental state by having three veteran actors — Eddy Gudoy, Brandon Hagio and Kirk L. Lapilio Jr. — simultaneously portray different facets of his personality, working as a smoothly synchronized team.

A corps of six actors plays all the other characters — men, women, a child, a chicken, an army of frogs and a dead toad. They also narrate the story on a play-by-play basis with a dry humor reminiscent of “Rocky and Bullwinkle” cartoons.

Wong uses the details provided by the narrators in place of a conventional set. Cast member Po‘ai Lincoln serves as a table in one scene; other cast members represent a bridge in another. A few sticks, a bucket, a hand net and a flashlight suffice as props.

Lelea‘a “Buffy” Kahale­puna-Wong steps out of the ensemble with a superb performance as the older sister, Lola, who has no qualms about selling out her brother for $250,000 in cash. Kahalepuna-Wong has played belligerent “local” women in other Kumu Kahua shows, and an almost­-seduction scene with Nicole Tessier as one of the developers reveals her talents as a comedian and her untapped talents as a romantic leading lady.

LINCOLN SHOWS her range as an actor with her portrayal of Lucy, the younger sister with a conscience, and steals a moment as a tourist by a hotel pool.

Those familiar with the original production will notice the choices Wong has made in putting his stamp on the show. These include increasing the narrator corps from five to six and cutting the number of Gilbert Sanchezes from four to three. None of Wong’s changes detracts from the overall entertainment value.

There are also many subtle details to watch for in the individual performances. Be aware, however, that no matter where you sit in the theater, some of those small details will be blocked by an actor’s back.

And, be warned, Act 1 runs for more than 90 minutes. As in 1996, that feels much longer than it needs to be.