The big black thing with the heatsink at the top right near JAMMA is the audio amp. If it's smoked, it's probably bad, but may have just overheated. I've noted that the heatsink attachment method can apply a lot of force to the board and sometimes cracks things at the pins for the amp. Inspect to see if that happened. You may be able to just reflow some solder joints, but if there was smoke, then it's probably broken.
IIRC, the part used on that board is EOL, but somebody may have some left, or there may be a drop-in replacement.