Thursday is the scheduled reopening for Nevada's casinos, but over the weekend, the National Guard was called up to respond to riots in Reno, and the mayor declared a citywide emergency.

"The current circumstances are tragic and negative for any business that requires physical access — certainly casinos would be included," said David Katz, a gaming industry analyst at Jeffries.

The same is true in Missouri, where the planned reopening of casinos is continuing Monday.

"Sustained protests certainly don't help bring back a wider audience of leisure and group customers," Jonas said.

Shares of MGM, which have a market value of $8.8 billion, were up more than 4% in trading Monday.

Caesars' stock has a market value of $7.9 billion, and it has fallen nearly 16% since the start of the year. .

Eldorado shares, which have a market value of $2.8 billion, have fallen nearly 39% year to date but were up more than 2% in trading Monday. .