She wants to restore an old theater that is 'falling into decay'. [=falling into ruin]
We're concerned about the 'decay' [='deterioration'] of our public school system.
Tomatoes that fall off the vine will 'decay' [='rot'] on the ground.
(..) The icon representing God loses its connection to God ... ... then you have a simulation of an icon ... ... till it's on your car's dashboard. A decay of meaning. It wasn't like Las Vegas, where they built Paris in a casino. The power of simulate, you know, simulacra and like--. (..)2001 The Matrix Revisited