Malibu Beach was the last EM bingo that Bally produced, and the final Magic Screen game.
This game has exactly the same feature set as Laguna Beach (produced twenty years earlier!).
Rumor has it that Nevada asked for a rerun of Laguna Beach to put in the casinos in 1980, and Bally would not agree to reproduce the earlier title.  Instead, they agreed to make an entirely new title with the same features.
Nevada changed their mind after Bally went to the trouble of producing the games... and as such, "somehow", the games got out into the world.  It seems to be a fairly common game for home collectors, as I've seen several.
Backglass:

Cabinet:

Playfield:
http://bingo.cdyn.com/machines/bally/malibu_beach/resources/pf-malibu_beach-1.jpg