Industry in Slots Shows Resilience Amidst Economic Hardship (According to Analyst)
The U.S. slot machine market is showing remarkable resilience in 2025, with a notable growth of 4.4% year-over-year in slot revenue, reaching $3.24 billion in May. This growth has significantly contributed to the overall commercial gaming revenue of $6.73 billion for that month [1][2].
Casinos are expected to replace 6.2% of their owned slot base over the next year, an increase from 5.6% in the previous quarter [4]. Among the key players driving this growth are Aristocrat and Light & Wonder, global leaders in slot machine manufacturing and casino gaming technology [3].
Aristocrat and Light & Wonder (formerly Scientific Games) are traditional major suppliers for U.S. land-based and online casinos. They are likely to benefit from ongoing slot machine replacement and upgrade cycles, such as the 18,400 slot machines replaced in Q2 2025 [4]. In fact, according to Macquarie analyst Chad Beynon, installations by Aristocrat counted for half of the total net market growth in the same period [5].
The slot gaming sector remains the backbone of casino revenues, with strong mobile adaptation and technological innovation. Both Aristocrat and Light & Wonder invest heavily in these areas [3]. The expansion of gaming markets in states like Illinois, Virginia, and Nebraska, which posted large slot and table game revenue growth, points to increasing demand for new slot machine units and software [1].
While exact market share percentages for 2025 are not enumerated in the available data, the longstanding dominant positions of Aristocrat and Light & Wonder suggest they maintain substantial shares of the U.S. slot machine market [1][2][3][4].
In the Q2 survey conducted on 586,000 slot machines at 590 casinos, Aristocrat held a 29% market share of shipped units, consistent with the previous year [5]. However, Light & Wonder's ship share was 22 percent, a four percent dip from the same point in 2024 [5].
New slot machine purchases in the second quarter of 2025 were flat year over year, contrary to a forecast of a 10% decrease [6]. Despite economic uncertainty, the survey suggests that purchasing has been resilient [6]. Actual replacement activity continues to outperform expected replacement rates, according to Beynon [6].
Looking ahead, Beynon expects to monitor game performance and upcoming trade shows, such as Global Gaming Expo Las Vegas, to gauge the continued health of the U.S. slot machine market [5]. Four Light & Wonder games were listed as the most anticipated premium leased machines: Huff N' More Puff We've had Enough, Lion Link, Rampage, and Dancing Drums Link [2].
In conclusion, the U.S. slot machine market is thriving in 2025, with Aristocrat and Light & Wonder playing a significant role in driving this growth through new machine deployments and upgrades, especially as the industry leans more into mobile-first technology and broader gaming expansion across jurisdictions [1][2][3][4].
References:
[1] Slot Revenue Grows 4.4% Year-Over-Year in May 2025
[2] Four Light & Wonder Games Top Anticipated Premium Leased Machines
[3] Slot Gaming Sector Remains Backbone of Casino Revenues
[4] Casinos to Replace 6.2% of Slot Base Over Next Year
[5] Macquarie Analyst's Views on U.S. Economy and Slot Machines
[6] New Slot Machine Purchases Flat Year Over Year in Q2 2025
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