I have a seven year old son very spirited and stubborn by nature. He's a great kid now, best behavior in his class. A handful at home..but really sweet and funny and a big boundary pusher. He was throwing rocks at a lamp post with his little friend in the yard. He knew it was breakable and he knew better because I had told him not to do destructive things with friends like that. There had been several similar incidents. So I made him clean up the whole yard, bring in all the skateboards and bikes including his sisters', line them up neatly in garage, and clear out the sticks for mowing the lawn and pick up all little pieces of trash that had accumulated (big job, took a couple hours total). I was contemplating having him mow the lawn the next day, but he was pretty tired and ashamed after my stern lecture where I also yelled at his friend, so I told him he couldn't play in the yard with that friend the whole week. This was all kind of major, but he had been warned several times not to be destructive to property with that particular friend. If the lamp had gotten broken he would have had to pay for replacement from allowance and birthday money as well. The friend is older, and my son needed to learn to say no to him. Which he has. There were no more incidents and that was mid-summer.
Once I had him clean out the garage. Once he was planning to watch a movie but because he did something we didn't watch it...now that he's older, I can change up the consequences to suit the crime and warnings usually suffice. He has a good conscience and feels remorse easily when I call him on stuff. When he was younger, clear warning and spankings were very rare and very effective. I haven't spanked him in a couple of years, but the other week he was doing something bad, having a terrible attitude, and made his sister cry, AND he smarted off to me when I corrected him (??!!?), so I calmly said, "How 'bout this. How about 7 hard swats on the butt for 7 years old and you won't have anything fun to do for the whole week." His eyes got as big as saucers and he piped down immediately and went back to nice behavior. He knew the disrespect to me was NOT ALLOWED and I wasn't bluffing so the warning sufficed. He apologized to his sister too.
Mine doesn't have any video games and I honestly don't remove fun stuff that often because our fun activities are pretty enriching and penalize the whole family to cancel since I'm a single mom. And I never let him miss an activity he was committed to like Taekwondo as a consequence. He had to live up to his obligations and pay a separate penalty. I do remove TV and movie time and make him clean his room sometimes (he always has to clean his room, but it always gets messy anyway so he can clean it an extra time instead of something fun as a minor consequence). I find extra major chores that are not his normal ones are good for bigger offenses along with a bit of grounding, because he's "punished", yet he does something productive, learns how to do some hard work, exerts himself physically, and feels satisfaction after. And I can use the help! Sitting in his room is pretty luxurious really, not a punishment at all, and no outlet for the aggression like hauling heavy bags of leaves or heavy laundry up three flight is. But sometimes I send him to his room if he just needs to cool off or he's tired and fussy.
If mine was off the rails throwing tantrums and he had video games, I'd warn him in advance that his behavior is not OK and his rude behavior will get his luxuries taken away for good in addition to some hard tasks, spanking, grounding, whatever. Choose an immediate action that you'll really TAKE (because you will have to follow through) give the concise warning (not too wordy), and then follow through as necessary. Always stay calm and non-angry. Act immediately when he does. Once you take the electronics away, let him know that when you feel he's gotten his behavior in check, and he's being the respectful, good guy you know he is, you'll give them back. And don't cave! He should have to behave for at least a couple of weeks in my opinion to earn those back on a very limited basis.