The actress, known for her performances on screen in "Boogie Nights" and "Californication," wrote "Half Magic," which she will direct and star in, opposite Josh Lucas.
Television and film actress Elizabeth Reaser ("True Detective," "The Good Wife") will replace Graham.
Directed by frequent LaBute collaborator Terry Kinney, The Money Shot is scheduled to begin performances Off-Broadway Sept. 4 towards a Sept. 22 opening night at the Lucille Lortel Theatre. The run continues through Oct. 12.
The cast also includes Gia Crovatin (reasons to be pretty), Golden Globe nominee Callie Thorne (The Last Days of Judas Iscariot, "Necessary Roughness") and Frederick Weller (Mothers and Sons, Reasons to Be Happy).
According to MCC Theater, "In The Money Shot, Karen (Graham) and Steve (Weller) are glamorous movie stars with one thing in common: desperation. It's been years since either one's had a hit, but the latest movie by a hot shot European director could change that. The night before filming a big scene (that seems destined to assure them a spot back on the pop culture radar), Karen, her partner Bev (Thorne), Steve, and his aspiring actress wife Missy (Crovatin) meet in order to make an important decision: how far will they let themselves go to keep from slipping further down the Hollywood food chain?"
LaBute's plays include Reasons to Be Pretty, Reasons to Be Happy, The Shape of Things, The Break of Noon, Fat Pig and The Mercy Seat, among others. He is MCC Theater's playwright in residence.