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State of Play’s TL;DR
- Slot machines remained the biggest revenue engine for casinos in Nevada and across the U.S. in 2025.
- Top manufacturers say the next phase of growth will come more from innovation and replacement cycles than from a wave of new machines.
Slot machines are still the backbone of retail casino revenue. In Nevada, slots generated $10.7 billion in 2025 – nearly 68% of the state’s $15.8 billion in gaming revenue – while nationwide slot revenue reached $91 billion, about half of US casino industry revenue.
Even as sports betting, online casinos, and other legal gambling options expand, major slot manufacturers say the core slot business remains resilient. Their focus now is less about a rush of new casino products and more about cabinet refreshes, systems upgrades, and new technology.
Slots remain the industry’s biggest revenue driver
According to The Nevada Independent report, citing Eilers & Krejcik Gaming, the four biggest slot machine manufacturers – IGT, Light and Wonder, Aristocrat Gaming, and Konami Gaming – control 82% of the domestic market.
Nevada casinos operated more than 126,000 slot games statewide in 2025.
Eilers & Krejcik Gaming said slots accounted for 57% of nationwide gaming revenue in 2019 and projected slot revenue would rise to $104 billion in 2026, a 4% increase from 2025.
CEOs see a mature Nevada market with ongoing upgrade demand
IGT CEO Hector Fernandez said:
“The gaming market remains resilient, but operators are looking more closely at performance and the value of every investment.”
He also said Nevada’s opportunity goes beyond a single new casino because the state’s large installed base creates continuing demand for refreshes, premium products, systems modernization, financial technology, and loyalty solutions.
Light and Wonder CEO Matt Wilson said the company is concentrating on its game portfolio, next-generation hardware, and extending content across land-based gaming, online casinos, social casinos, and charitable gaming. He called Nevada “one of the most established and competitive gaming markets in the world,” adding that it still requires constant innovation.
Aristocrat Gaming CEO Craig Toner said the company’s priorities include innovation, content development, new hardware experiences, and data and analytics.
Konami Gaming President Tom Jingoli took a more cautious view on near-term expansion in the state..
“The Nevada market will likely remain flat for gaming equipment suppliers in the foreseeable future, outside the new Hard Rock Las Vegas.”
While executives pointed to long-term opportunity in markets such as the United Arab Emirates, Japan, and Brazil, the clearest near-term message was that established US markets still matter most.
Based on reporting by Howard Stutz for The Nevada Independent.
