King Pong
That sums up the situation at LTN in a nutshell. Perhaps, in the short term, until our spanish friends have decided on a Final Masterplan for the airport, and the direction they intend to go, they should actively be seeking out new routes from non-based airlines like Wizz have done. Wizz brings not far short of 1m pax/year now, into/out of LTN, whilst not basing a single aircraft there.
Admitedly this is not easy for several reasons as we all know, such as the current facilities, layout, road infrastructure etc and of course STN. In reality,though, I can't see the situation improving anytime soon and much business will be lost as a result, with Luton Borough Council carrying a huge chunk of the responsibility for this.