Well, I dont own an arcade, but do have a small business that has been opened since 1996. I opened it with out a clue and 5 gees in my pocket.
What I have learned is : Controlled overhead is the key.
What that means is make sure your monthly costs are cheap enough that if things go pear shaped (pear shaped is something the brits say, have no idea what it really means, but I think its something bad), you can still make all of your financial obligations and keep the doors opened each month.
Word of mouth advertising is the best. Paying for advertising is the worst money investment.
If you have a cool product you are selling, location will not matter. They will come. You only get one time to make a first impression.
Don't skimp on insurance.
I have never had a business plan in my life. OK One. But that was a joke to get a loan. I just am good at spotting my trends and hopping on board until they peter out and the next one pops up.
Don't compromise your standards and you will build a great reputation.
You do actually have it easier: You call around to find your location and the monthly rent, guess on your elect and gas monthly. Phone and Internet. Get quotes on insurance.
There you have an idea on how much you need to make each month just to keep doors opened.
Then you can talk some of the anecdotal data here by ops on what a machine will make. Figure how many machines you need.
Then you can figure how many warm bodies you need to walk through the door each week to make those minimums. You can figure the average person will drop X amount with you.
The rest is up to you figuring out the details. Because if it was that easy, everyone would do it.