A gaming machine for conducting a wagering game comprises a gaming machine cabinet having one or more colorable or color-changeable exterior sections. The color-changeable exterior sections comprise a translucent material that glows or shines when light is diffused through the material. Sections that are color-changeable include those sections that are visually dominant or affect the overall appearance of the gaming machine. A multi-color lighting assembly having one or more multi-color light sources is present. The multi-color lighting assembly may be operated to direct light having a predetermined color or sequence of colors. The light causes the color-changeable exterior sections to project the predetermined color or sequence of colors, thereby changing the overall appearance of the gaming machine. The predetermined color or sequence of colors may be selected randomly, or they may be based on the outcome of the wagering game.