Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: The casino sell-off continued as shares of Wynn Resorts (Nasdaq: WYNN) fell as much as 11% during trading today.

So what: The fear about a slowdown in China is the new hot-button issue, and gaming stocks with exposure to China are taking it on the chin as a result. Wynn, Las Vegas Sands (NYSE: LVS), and Melco Crown (Nasdaq: MPEL) are highly dependent on Macau gaming, and in turn China, for revenue so if China does slow it's not a good thing for them.

Now what: Like I said yesterday, this "slowdown" needs to be put into context. Growth has been accelerating throughout 2011 and reached its peak of 57% last quarter. So a slowdown isn't the end of the world.

I will also point out that the "experts" predicted Macau's gaming revenue would grow just 20% earlier this year only to raise the estimate to 30%, a number Macau will easily crush. With gaming stocks now trading at low enterprise value/EBITDA multiples compared to earlier this year, I think these stocks are ripe for the picking.

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