John Leguizamo on What His 1993 “Super Mario Bros.” Movie Has in Common with “It's a Wonderful Life” (Exclusive)

"It was a cultural phenomenon," Leguizamo tells PEOPLE of his groundbreaking fantasy film, costarring Bob Hoskins, Samantha Mathis and Dennis Hopper

John Leguizamo might be having a bit of a George Bailey moment as he reflects on the lasting impact of his 1993 Super Mario Bros. movie.

In a recent conversation with PEOPLE surrounding his new documentary John Leguizamo Live at Rikers, the veteran actor and comedian recalled how his perspective about Super Mario Bros., in which he played Luigi to the late Bob Hoskins' Mario, changed over the years after attending conventions and meeting fans.

"I start[ed] to realize that it was a cultural phenomenon — that it meant a lot to kids who grew up with it," says Leguizamo, now 63, of the fantasy-adventure movie, which celebrated its 30th anniversary earlier this year.

And the To Wong Foo — Thanks for Everything! Julie Newmar actor even sees a parallel to another film that didn't gain popularity until later.

"You know, It's A Wonderful Life, it had the same thing. It was a critical bomb. It bombed at the box office, and yet it became an American staple for Christmas," Leguizamo says. "So you never know. It's fascinating. And I'm glad that I brought joy to kids and was part of their childhood.

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Directed by Rocky Morton and Annabel Jankel, Super Mario Bros. was the first live-action feature film based on a video game to be released in the United States. While it is now considered a cult classic by many, the movie, which also starred Samantha Mathis and Dennis Hopper, holds just a 29% rating and audience score on Rotten Tomatoes.

Rather than a direct adaptation of the story featured in the limited Mario games released by Nintendo up until that point, the plot follows sibling plumbers Mario Mario (Hoskins, who died in 2014 at age 71) and his younger brother Luigi Mario (Leguizamo) as they set out on a quest to a dystopian, dinosaur-laced alternate dimension to rescue Daisy (Mathis, now 53) from the evil clutches of King Koopa (the late Hopper) — and meet some fan-familiar friends and foes along the way.

The zany, darker film featured music from Oscar-nominated composer Alan Silvestri, who also famously scored the Back to the Future trilogy, Who Framed Roger Rabbit, Forrest Gump and more, working often alongside filmmaker Robert Zemeckis. Super Mario Bros. was also the first movie to use Autodesk Flame, a CGI software that has since become an industry standard in digital effects, marking a historical jump from practical effects.

But despite its groundbreaking attributes, "I was very down on the movie when it first came out, just because as a young actor, I was like, you just go with the crowd," Leguizamo tells PEOPLE. "And the reviews weren't good. It wasn't a big hit at the box office, so I assumed it didn't have any value."

"And then the years go by and I'm at Comic-Con or some premiere, and there are these kids — well, they're kids to me, but they're in their late 20s and early 30s — and they go, 'Oh my God, you're Luigi. I love that movie. That movie was so everything to me when I was a kid,' " he adds.

Related: John Leguizamo Calls 'Unfortunate' Casting of Chris Pratt in 'Super Mario Bros.' 'Backwards'

He also says he believes Jankel and Morton, both now 68, "were really brave and stuck their neck out to get me into the movie. Because it was very hard back then, in the '90s, to be a Latin man and get work, and [to] be a lead was impossible."

Leguizamo, who regularly speaks out about the importance of diversity both in Hollywood and otherwise, told IndieWire back in April while discussing this year's animated hit The Super Mario Bros. Movie that he'd "consider" lending his voice to a potential sequel or spinoff, if the filmmakers "do the right thing and add more inclusivity."

Confirming to PEOPLE that he would say yes to an offer to voice a character in another related animated film, the Romeo + Juliet actor also addresses comments made by Seth Rogen (who voices Donkey Kong in the new movie) back in April, in which Rogen, 41, called the 1993 movie "one of the worst films ever made" during a conversation with Variety.

"Everybody's entitled to their opinions," Leguizamo says when asked about Rogen's remarks. "That's what he thinks. That's fine. It doesn't hurt my feelings. It doesn't change the quality of the movie. .. I'm cool."

John Leguizamo Live at Rikers, from Azimuth Films, is available to stream now on Black Experience on Xfinity and Xumo.

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