There is provided a gaming system, gaming machine, and method that utilize an electronic display device configured to display a plurality of symbol-bearing reels and an indicator bearing a pay multiplier. For each spin outcome, the reels are spun and stopped to land symbols in an array. In response to the landed symbols including a catalyst symbol, the values on any value-bearing symbols in the array are multiplied by the pay multiplier and awarded, and the pay multiplier is then modified for a subsequent spin outcome(s) based on the type, e.g., color, of the catalyst symbol. In response to the landed symbols not including the catalyst symbol, no awards are provided for any value-bearing symbols in the array, and the pay multiplier stays the same for a subsequent spin outcome(s) until a catalyst symbol lands in the array.