Do you see the 2 red wires under the other wires? Cut both of the red wires off of the line filter (square box). Once you remove this you will need to replace it, it is call a MOV (metal oxide varistor).

https://www.marcospecialties.com/pinball-parts/5017-09044-00

Unplug the machine first!!!!

The red is just an insulation cover that you will reuse on the new MOV when you solder it in place. You don't have to mount it underneath like the original one either, it can be reversed too. Most important is that the leads are covered to prevent them from touching metal as they are 120 volts AC. You can use the game after you remove the old one, just plug machine into a surge protector until you replace it.

Playball!