The Macau casino market has been undermined by a slump as affluent Chinese cut back on gambling. That's hurt Wynn Resorts, which has seen its share price tumble almost 30 percent so far this year.
Since the bulk of investors in Chinese shares are made up of retail investors as opposed to big institutions, the sharp selloff could have implications for consumer spending and undermine Beijing's efforts to shift the economy away from investment towards consumption, analysts say.
"I'm concerned about China's medium-term growth prospects, that debt is still rising faster than nominal GDP (gross domestic product) and that the very nature of China's growth tilted towards investment is deflationary," Richard Iley, emerging markets chief economist at BNP Paribas, told CNBC Wednesday.
"Having said that, there's still scope for monetary policy to support the economy."
Meanwhile, Walt Disney Chairman and CEO, Bob Iger, was more optimistic about the country, telling CNBC on Wednesday that he was "extremely bullish" about China's long-term prospects.
Slowdown: How sharp?
Still, analysts said further carnage in the stock market could fuel fears about a protracted slowdown in the Chinese economy.
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That means commodity firms are also ones to watch closely since commodity prices are closely correlated with the outlook for China's economy.