The theory gaming industry analysts hypothesized months ago appears to be holding true: Companies operating on the Strip and in Macao are struggling more than their regional counterparts.

Third-quarter earnings reports wrapped up late last month and the numbers show there’s still a way to go before we can say the pandemic is behind us, even as Nevada continues to break records for monthly gaming win.

Of the 23 publicly traded companies within the Review-Journal’s orbit of gaming and tourism-related business coverage — casino companies, airlines, real estate investment trusts and tourism-related operations — six showed net losses for the quarter.

All of the results are explainable but also provide some intrigue as to what’s going to happen in the fourth quarter, especially with a parade of resort ownership changes on the horizon.