A gaming system performs a wagering game by determining an outcome, based at least in part, on one or more random elements. The wagering game uses a plurality of symbol bearing reels that includes at least one adjustable reel having an adjustable reel strip with one or more adjusting symbol positions thereon. When a wagering game is initiated and while the symbol bearing reels are spinning, a series of symbols are sequentially displayed by the adjustable reels at the adjusting symbol positions. The symbols may optionally increase in value as displayed to enhance player anticipation. The number and location of adjustable reels, the number and location of adjusting symbol positions on each adjustable reel, and the symbols displayed at the adjusting symbol positions may be randomly or statically determined. During the wagering game, the order of display of the series of symbols at the adjusting symbol locations may be random or based on previously displayed symbols.