By that picture, the machine is not booting properly. The top one of the 3 red leds on the mpu (the long narrow board on the left) should be off and the middle led flashing if it boots properly.
It could be a bunch of things but i would start by unplugging and replugging the connectors j101 and j102 on the right hand side of the large power driver board on the right. These connectors can deteriorate over time and they supply the input power for the 5v and other voltages. If 5v is low, the machine will not boot.
Next step would be to reseat the game rom and push on the asic chip on the mpu
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