Wynn Resorts (NASDAQ: WYNN) has held up better than its peers Las Vegas Sands (NYSE: LVS) and MGM Resorts (NYSE: MGM) over the past several years. WYNN is currently trading 25% below its 2007 highs, which is distinctly better than LVS and MGM, both of which trade nowhere close to their respective 2007 highs.

Roughly 80% of Wynn’s revenue comes from its Macau operations, and this is expected to continue to be the main engine for growth. It is very difficult to imagine that Las Vegas will see a return to magical boom years anytime soon. The China exposure may, however, act as headwind to Wynn in the very near term as recent concerns around Chinese business fraud are spreading like wildfire.

Just look at the stock price of Yahoo (NASDAQ: YHOO) after it announced that Alibaba.com, Yahoo’s Chinese Internet play, has secretly spun off Alipay, the company’s very profitable online payment provider. Chinese Internet stocks such as Sohu.com (NASDAQ: SOHU), Bidu.com (NASDAQ: BIDU) and Sina.com (NASDAQ: SINA) have also all taken hefty beatings in recent days.

Looking at the WYNN chart, yesterday the 10-point trading range in place since mid-April finally broke to the downside. The other good news is that the stock also sliced through its 50-day moving average (yellow line on chart).

I see a good shorting opportunity here with a stop near $145 (or as wide as $150 for those that want to give it more breathing room) and an initial price target near $130. While it would have been nice to open this trade to the short side closer to the $140 area, I still feel there is plenty of room for profits to accumulate.