It's in a coin op cabinet that looks pretty custom, and the graphics look similar to Atari 8-bit graphics. My gut says this is a bespoke game, with an Atari buried inside (like the Exidy Max-A-Flex system)
This is pretty fascinating that I can't even find much information on the series that this is from. Everything I can find about Arena It's all true is just that it exists and who was involved. Very little in the way of details.