When slewing the machine, and you put the joystick to neutral, the machine will just come to a slow stop (on level ground). The brake will only come on if you flick the manual brake switch.
So depending on the terrain the machine will still swing, if you have not applied the brake.
If it still swings and you have applied the brakes, then yes your brakes have failed.
However I have seen times when the machine wants to keep slewing in one direction ( no brakes applied ), and will not stop. This was a hydrulic problem.
If you have applied the brake, and it still swings from side to side, then yes you do have some play between your slew ring and slew box pinion ( but all excavators do ).
Just another one to think about, just make sure your boom/ stick bushes ( shoulders) or shims are in place. I have seen very excessive movement due to shoulders on the boom bushes broken off.
Duff