An object of the present invention is to provide a gaming machine such as a slot machine and the like capable of meeting expectation of a player for the free game and sustaining the interest of the player. The free game processing (S5) of the slot machine 1 according to the present invention adds 1 each to the numerical values of the win counter m for every occurrence of an winning combination (S47), and terminates the free game processing (S5) only when the numerical values of the win counter m become the same values as the free game terminal condition values s (S48: YES). On the other hand, when no winning combinations occur (S46: NO), the numerical values of the loss counter n is added by 1 each for every time (S49), and when the numerical values of the loss counter n become 20 (S50: YES), the numerical values of the free game termination condition values s which become the termination conditions of the free game are changed from “10” to “15”.