There are businesses that benefit greatly from location (Starbucks) and then there are those that it does not really matter.

A 'destination' business does not require a great location. (think of the new "Escape Rooms" that are popping up - most are renting space in strip-warehouses in not very visible locations)

Of course, if your arcade is on the Coney Island boardwalk or facing the ocean at Myrtle Beach, you will get customers straggling in but I would classify an arcade as a destination. Even on vacation where customers have no place to go, they still make plans to go to a destination like this. The PHOF is a good example. It is not in a great location (it is on Tropicana but a ways off the strip) but people know about it and go when they are in town. It clearly is not because of the location on Tropicana that people drive by and decide to stop in.

Disney World was built in the middle of nowhere. Walt knew he didn't need to be in LA or Dallas to make a go of it. People just had to know it existed.

Someone mentioned that "Ice Cream Museum" - another perfect example. The one in Miami is not something many would drive by (even though it is on Collins Ave) it is on the North end of the not very touristy area. But they advertise in every tourist brochure and pamphlet you see in town and on the marquees of the Taxi cabs.

Since you do not have frontage (with a nice sign) that people can see (and thus make a mental note to come visit sometime) you need to get visible in your community.

*Everyone in your community needs to know you exist.* Then when Nanny or Stay-at-home Dad need a place to let the kids get some amusement, they will think of you.

I would stay in the obscure location (capitalize on that and make it seem like it is exclusive (like Club 33 at Disneyland). Utilize the Sandwich Board idea on the sidewalk, buy a small former U-Haul truck (which you'll need to move pins anyway) and wrap it and park it nearby in different spots each day. Go big on social media. If you offer a deal on Groupon or wherever, offer more time (all day for the price of 1 hour), or free chips and a drink. Do not offer 2 for 1 admission as you just cut out a paying entry.

All of this being said, I would also have amusements beyond just pinball. Even in the glory days of pinball, the arcades still had other amusements to cater to all tastes.

And as others have stated, have a concession stand. A friend who is a GM at a local large movie-plex always says, "I run a restaurant that happens to show movies." His money is made in the lobby, not in the theater.

Finally, it should be pretty easy to do the math to see what sort of numbers you need to survive/thrive. Those could be your short-term and your stretch goals. "We need to get 150 people in this month to cover our nut." If you need 150, and you are only getting 50, it is doubtful a new location would all of a sudden triple your attendance.