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Casinos operate under a myriad of rules from both state and federal governments. They are one of the most regulated businesses in the US. Sometimes, when all those regulations aren't met, the casino may refuse to pay you, at least momentarily.
The answer is yes, the casinos most certainly can change the payout schedules on slot machines at their convenience or, as you say, on demand. But there is some effort involved. With server-based slots (SBS), slot managers could change a slot machine's hold percentage remotely via software with some keystrokes.
