I prefer the second one too, but here's a little criticism:
lens flares are ugly and played out, lose it. Besides, since the marquee will be backlit the white flare will light up like a flashlight against the dark background.
Your font is good, it captures the retro-gaming style. The bevel effects on the second example are not good. The text looks like plastic and doesn't fit the style of the art.
Your theme is Gameworld, what you have to do is ask yourself how to represent that idea visually. The earth is a solid element, but where is the "game" concept represented? The red lines don't really help to get the idea across. My first thought was to enlarge the globe and segment it with an overlaid grid, like a war-room simulator look. Or maybe you could place a sun behind the earth and have shadows casted in the shape of arcade / gaming icons. That might be hard to pull off though.
Keep working with it and let us know what you come up with!
-Ace-