First-team players Nathan Patterson, Calvin Bassey, Bongani Zungu and loaned-out pair Brian Kinnear and Dapo Mebude were initially handed six-game bans - with two of those matches suspended - by a Scottish Football Association disciplinary panel, and those punishments still stand.
The five players were given police fines for attending a house gathering during lockdown in the early hours of February 14, and SFA bans were announced on March 30 after they were found guilty of breaking SFA rules and not acting in the best interests of football.
Rangers appealed and Patterson played three games before the appeal hearing on Tuesday evening, including Sunday's Scottish Cup win over Celtic, before he and Bassey played against St Johnstone on Wednesday.
Patterson, Bassey and on-loan Zungu will now miss Sunday's Scottish Cup quarter-final against St Johnstone, a league game against Celtic and potentially a semi-final among their four matches.
Rangers boss Steven Gerrard had accused the SFA of "guessing" and being inconsistent with the initial punishments.
The club has released a statement expressing disappointment with the appeal outcome.
It read: "We remain disappointed in the result. Furthermore, we believe this outcome highlights the inconsistency of decision making in the Scottish FA’s disciplinary process.
“We are cognisant that the approach taken by other football associations across Europe has no resemblance to that of the Scottish FA. We urge the Scottish FA to be open minded to learn from other football authorities.
“We now focus on Sunday’s quarter final at Ibrox.”