The phrase loosely means "the show is over" or "end of the event". It has grown in popularity since the '50s, thanks to the craziness people had for the king Elvis Presley. During one of the live shows at Lousiana in Dec 1956, Elvis jumped in the middle of a sequence out of order. Once his performance ended, the audience was screaming and not allowing other artists to perform. In order to calm the audience down and let the show continue, promoter Horace Logan announced repeatedly- "Elvis has left the building." The audience was pacified and since then it became a pattern after his shows. In the popular culture, movies and TV shows, I have often come across this idiom and was unable to decipher the meaning behind it then. Hope you won't have to face the same hereafter.
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