Most likely the power control board needs to be rebuilt. This is very common. The bridge rectifiers are over 30 years old now and were only meant to last about 10. If you can solder this is not a difficult board to repair. You can buy a kit with all the parts from http://www.bigdaddy-enterprises.com/ for about $16. Look under power supplies and choose the kit for the power board your game uses. Recommend you replace the connectors too.
Or you can buy a new board from www.pin-logic.com.
If you buy a new board don't throw away the old one. It is probably still good and can be repaired.