This location as been an arcade for several years- but was purchased and renovated in the last year or so. What was once a pretty dinky arcade now has two sides- the video games I remember as a kid, Air hockey, SkiiBall, etc (Though sadly not "House of the Dead", my favorite). The other side of the place, made larger by expanding into the next storefront, offers pizza and bowling.
The food is pricey, but they do offer gluten free pizza and various beers (and a hard cider).
Additionally, they have a very small theater that offers 3d (or 4d) short films.
I think this is a really great addition to what the island has to offer, and could be a great activity for a family with kids of any age.