The fluctuation properties of nuclear giant resonance spectra are stud
ied in the presence of continuum decay. The subspace of quasibound sta
tes is specified by one-particle-one-hole and two-particle-two-hole ex
citations, and the continuum coupling is generated by a scattering ens
emble. It is found that, with an increasing number of open channels, t
he real parts of the complex eigenvalues quickly decorrelate. This app
ears to be related to the transition from power-law to exponential tim
e decay of the survival probability of an initially nonstationary stat
e.