Well I've read, and reread the quote;
Perhaps you are putting too much focus on the word "games" in the literal sense?
Another interpretation could be; "games of slaughter" = mind games/tactics; so perhaps the current war on terror?
The word game suggests (in a war or "serious" sense) lack of regard, care, concern or responsibility. So you could read it as; both sides are
gambling lives, making a game out of it etc;
"When the dead come out of their graves" - I think it's pretty damn metaphoric

Unless there is a reason for all the zombie movies being released
lately (heh)
But yes, it could refer to people, ideals, beliefs of the past.
It doesn't actually make real literal sense though; who's appearing at the Games? It's not the dead people, because that's an event happening at
the same time, or so it's worded..
That's my two cents