Well, at least the building hasn't mysteriously burnt down, like it would up North, so some of the architectural history remains.
There would be zero chance of it ever being a massive arcade again - arcades are down to the embers of what they used to be and retro arcades are a pretty niche thing.
Up here, the Spanish City in Whitley bay was a massive funfair that coachloads of people turned up to. Now it's just the main building with the dome, and it's a fish and chip restaurant inside, but at least it's still standing.
Metroland is a cinema and restaurants (ignoring the 'Namco' arcade that's dwindled to ticket redemption games).