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Warner Bros. released Ace Ventura: Pet Detective in 1,750 theaters in the United States and Canada on February 4, 1994. The film grossed $12.1 million on its opening weekend, ranking first at the box office and outperforming other new releases My Father the Hero and I'll Do Anything. For its second weekend, it grossed $9.7 million and ranked first at the box office again, outperforming newcomers The Getaway, Blank Check, and My Girl 2. Variety reported of Ace Ventura's second weekend in box office performance, "The goofball comedy defied dire predictions by trackers, slipping just 20% for a three-day average of $5,075 and $ 24.6 million in 10 days." It grossed a total of $72.2 million in the United States and Canada and a total of $35 million in other territories for a worldwide total of $107.2 million. The film's US box office performance led Variety to label it a "sleeper hit". Author Victoria Flanagan wrote that Carrey's performance "generated cult success for the film among adol...

Ace Ventura: Pet Detective received "generally unfavorable" reviews from contemporary critics, according to review aggregator Metacritic, which assessed 14 reviews and categorized six as negative, five as positive, and three as mixed. It gave the film an overall score of 37 out of 100 based on 14 contemporary reviews.The review aggregator site Rotten Tomatoes gives the film a score of 46% based on 52 reviews assessed as positive or negative, with an average rating of 4.5/10. Roger Ebert, reviewing for the Chicago Sun-Times, said, "I found the movie a long, unfunny slog through an impenetrable plot." Ebert described the lead role, "Carrey plays Ace as if he's being clocked on an Energy-O-Meter, and paid by the calories expended. He's a hyper goon who likes to screw his mouth into strange shapes while playing variations on the language."James Berardinelli said, "The comic momentum sputters long before the running time has elapsed." Berardinelli said of Carrey that he "uses his rubber...

Carrey won the 1995 Nickelodeon Kids' Choice Award for Favorite Movie Actor for Ace Ventura and The Mask.

Since the film was released, there has been some discussion over the way in which it portrays transgender people. Alexandra Gonzenbach Perkins wrote in Representing Queer and Transgender Identity that mainstream representation of transgender identity at the turn of the 21st century was limited, observing, "The representations that did exist tended to pathologize transgender people as mentally unstable." Perkins said Ace Ventura along with The Crying Gamedepicted "transgender characters as murderous villains". In the book Reclaiming Genders, in a chapter focusing on transgender identity, Gordene O. Mackenzie references Ace Ventura as an example of turn-of-the-century films that "illustrate the transphobia implicit in many popular US films". Mackenzie describes the scene in which Ace Ventura retches in the bathroom, following the revelation that the woman he had kissed is trans, as "one of the most memorable and blatantly transphobic/homophobic scenes". In The New York Timesin 2016, F...

In October 2017, Morgan Creek Entertainment Group announced plans to reboot several films from its library, including Ace Ventura: Pet Detective. Its president David Robinson said Morgan Creek's plan was not to simply remake the film, but to do a follow-up in which Ace Ventura passes the mantle to a new character, such as a long-lost son or daughter.