A gaming machine includes an effect display device for displaying either an effect or a first game thereon, a variable display device arranged behind the effect display device, a game controller for executing the first game utilizing the effect display device and a second game utilizing the variable display device and a display controller for controlling light transmittance of the effect display device so that the variable display device is selectively seen and recognized through the effect display device. The display controller alternatively executes the effect and displays the first game when the game controller determines to alternatively conduct the effect and display the first game while simultaneously concealing the variable display device or the display controller alternatively executes the effect and the second game when the game controller determines to alternatively conduct the effect and display the second game while simultaneously prohibiting display of the first game.