"It's been a great year for revivals in general, especially that one they revived down in Washington, D.C.," the "Late Show" host said. "It started off-Broadway in the '80s, way off-Broadway, over on 5th Avenue. Huge production values. A couple problems: The main character is totally unbelievable, and the hair and makeup, yeesh."
Colbert added that the D.C. production was set to have a four-year run, "but reviews have not been kind."
"Could close early, we don't know, we don't know, but best of luck to everyone involved," he joked.
The jabs generated an overwhelming response from the audience. Cameras caught actress Oliva Wilde clapping extra loud.
The nominees were "Falsettos" -- the musical prequel to HBO's "Sopranos" -- "Hello, Dolly!" and "Miss Saigon," which Colbert joked was "the only pageant whose locker room our president hasn't walked in on."
Back in May, the late-night host came under fire for making an oral sex joke about the president and Russian President Vladimir Putin. Some viewers felt the comment crossed the line and called for the comedian to be dropped from his CBS show.
Colbert responded to the backlash two days later saying that while he would "do it again," he would "change a few words that were cruder than they needed to be."