A man takes photographs outside the Wynn Macau casino resort, operated by Wynn Resorts Ltd.

Increased trade tensions with China will likely affect semiconductor stocks and two casino and hotel operators the most, according to Morgan Stanley analysis of companies most dependent on China for revenue.

Wynn Resorts draws 69 percent of its revenue from China, the greatest exposure among U.S. companies larger than $3 billion, according to analysis from Morgan Stanley Equity Strategist Michael Wilson and his team.

Las Vegas Sands ranks third, with 65 percent revenue exposure, according to the study, published Tuesday.