I haven't played them either but watched a couple videos quick. Based on the newness of these games, my guess is they're running on PC-type hardware already. So, probably not currently being emulated.
From a building perspective, just looks like a large screen with a bunch of joysticks around it. At least from what I'm seeing, that wouldn't be too terribly difficult to build! Getting your hands on the software though, I think that could be a challenge.