In the beginning, after the chandelier is brought out, there are brief glimpses of some golden statues that have exposed breasts.
A woman changes costumes onstage. No nudity seen as she is behind a screen.
Many kisses. Some prolonged, but none very heavy/passionate.
Some dresses are low-cut.
"Music of the Night" song and choreography could be seen as suggestive, but nothing explicit. Various sex references in some songs, most not very noticeable. Example: "...Who'd believe the diva's happy to relieve a chorus girl who's gone and slept with the patron. Raoul and the soubrette entwined in love's duet. Although he may demur he must have been with her..."-Notes/Prima Donna
Most explicit episode is "Point of No Return" lyrics and choreography. Some camera close-ups of man's hands running across woman's body (fully clothed).