These are carnival lights (also called Cabuchon, Turbo or Fun Lights). They are very reminiscent of pinball lighting.
I’ve tried to give a basic impression of them in renderings, but they will look better in real life. 

Here, the carnival lights are around the perimeter of an opaque border and the center circle logo is translucent and illuminated. The Arcade Bar block is also back-lit. I’ve used either treated plywood or a faux plywood finish on plastic substrate in these examples.

Red  carnival lights create the digital R icon. The Arcade Bar block is also back-lit.

Red and clear/white carnival lights create the digital R icon. The Arcade Bar block is also back-lit. Perhaps without any printed design. Arcade Bar block is backlit.

This is designed to look like a stenciled graphic. Only the Arcade Bar block is back-lit in this incomplete scenario.

This is the same as the previous, but with the logo also back-lit.

The button and lower block are back-lit. These would look especially nice if the buttons were 3D (thermo-molded), but I don’t think there is time for that.

This is a concept direction addressing the bar and arcade elements, simply, in a game environment. 

This is not a good example of this, but to give the idea of another direction, where the entire face is back-lit like a pinball game and much more colorful. The graphics would have larger type allowing the name/ concept to be inserted more obviosusly.
Areas of the design representing lights would be brighter and could potentially flash.
This could also be designed after the back panel of a pinball game with digital-style display on the bottom.