Absolutely not if you do it in excess.
Remember that any activity you do, no matter how healthy and beneficial it is, if you do it in excess, you will lose all the benefits you would normally receive.
Doing something in excess is harmful, no matter what you do, it will always hurt you.
Now eliminating the excesses and focusing on your question, playing video games can raise our IQ in a certain sense, as it keeps our minds active and makes us constantly think of solutions to various problems or difficulties that the games present.
They help to concentrate better and pay more attention to small details that may be important in various situations that merit a solution.
It all depends on the video game. If one has to think differently to solve something then yes as you are teaching the brain to learn a new skill as such. Thinking differently and challenges help stimulate the brain in areas that haven't before so I would say it can have an affect on the persons intelligence to a point.
When I was growing up, it was pretty common for people to assume video games created lazy couch potatoes, but I was always skeptical of that, even at a young age.
Video games improve your hand/eye coordination, as well as problem solving skills. This is something that holds true for most video games today.
I would go as far as to say some video games certainly will increase overall intellect, depending on the amount of aptitude required to play.
In terms of excessive game play, I think anything in excess in generally perceived as not healthy. If it's affecting your quality of life, then this would be a good indicator that you are overdoing it. Otherwise, I think there are less detrimental aspects to video gaming than many people think.