Hi Jason,
Yes it does! Any slot pay out of $1,200 or more regardless of the coin (paper money) requirement. However, I would assume most individuals do not hit the pay out button until they are ready to quit playing.

Before ticket in - ticket out (tito) machines the casino would have an attendant standing behind the player who would issue a W2G if the "win" was $1,200 or more. I had one player call me. He was issued over 100 forms but ended up losing ALL his money.

On many $500.00 machines - 2 cherries would get you a form. The 2 cherries may be considered a "win" by the house but to me it was just mounds and mounds of paper work. Really dumb!

Jim