I agree, varistors have a finite number of power on cycles. when you reach
the end, they blaze up in smoke and glory and dead short, blowing the
game's line fuse and the main's circuit breaker/fuse too. of course if
they see over 130 volts (north america) that will make them direct short
too. that's what they do.
So i agree, just replace it (or temporarily just cut it out of the circuit).
Then before powering on for the first time, disconnect the J4 connector
from the MPU board (lower left corner), and power up. Check all the
voltages at the solenoid driver board. If OK, then re-attach MPU
connector J4 and proceed.