Sounds spot on.
I started playing pinball in the late 60s and Gottlieb was king and then Bally and Williams took the reins in the late 70s early 80s.
Space Invaders, Pac Man and Gallaga  were the top 3 pinball killers that I remember at the time.
Arcades were changing in the 80s with less pinball and more video games.
Computers and consoles then dealt a second blow to the arcades as kids could now play in the comforts of their parents home.
It's a bit like what home theaters are doing to cinemas and what videos and dvds did to drive-ins .