Little historical record of this arcade is available, but it did exist during the 1990's in Brickyard Mall. It likely opened in 1993 and it's exact closing date is unknown. The venue included bumper cars and a Sega R360 flight simulator.
Reference
https://www.newspapers.com/article/chicago-tribune-proof-of-funland-arcade/169677523/
https://www.newspapers.com/article/chicago-tribune-funland-in-the-brickyard/169677684/
https://www.facebook.com/groups/951998221479788/posts/who-remembers-the-old-indoor-brickyard-mall-man-these-were-the-days-me-and-my-bi/4198796033466641/