For all the uncertainty in the U.S. economy, slot machines remain “resilient,” according to Macquarie analyst Chad Beynon. His views were published in an August 6 investor note.
Citing the Eilers-Fantini Q2 survey of slots, Beynon observed that, out of 586,000 slot machines at 590 casinos, the second quarter of 2025 saw at least 18,400 machines replaced, perhaps as many as 19,400. New slot machine purchases were flat year over year, not 10 percent down as forecast.
“The survey suggests that purchasing has been resilient despite economic uncertainty and following a period that likely included some pull-forward in demand,” Beynon wrote. He added that casinos expected to replace 6.2 percent of their owned slot base over the next year, compared to 5.6 percent in the previous quarter. “Actual replacement activity continues to outperform expected replacement rates,” he observed.
Excluding slot-route sales, Aristocrat held a 29 percent market share of shipped units, in accordance with its share for the previous year. Among premium-level participation machines at Class III casinos, Aristocrat’s market share was 45.8 percent. Installations by Aristocrat counted for fully half of total net market growth, according to Beynon.
“In the survey period, Aristocrat saw +374 net installs (extrapolated basis), which was a low rate of net installs compared to quarters in recent years,” Beynon wrote. He said he would continue to monitor game performance and upcoming trade shows, such as Global Gaming Expo Las Vegas.
Turning to Light & Wonder, Beynon said its ship share was 22 percent, a four percent dip from the same point in 2024. “Survey participants removed 48 net leased games, all of which were non-premium, as premium games remained stable,” he wrote.
However, 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.
