Trying to think of a movie

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I've searched all sorts of site so much that I'm starting to wonder if I just dreamed this movie I'm thinking of.

It's a comedy movie, probably from the 70s or 80s. An upper-class kind of guy acquires a "time machine" and goes to show it off to his friends. He asks them to name a period of history and he'll bring back an artifact for them. In actuality he has a dull-witted servant inside the "machine" and boxes of various props from different eras, and they plan to just pick ones matching the times the guy's friends name.

However little do they know that the device is an actual time machine, controlled by a slot machine inside. They trigger it accidentally and are sent to various periods throughout history, messings things up as they try to return to their own time.

There's a scene where the main character dunks his servant into a bucket of water, causing him to drown in an attempt to have his life flash before his eyes, eventually causing him to see the combination of time/slot machine reels that represent their own time.

Anyone have any fucking idea what I'm on about?