Microsoft slashes $50 off Xbox 360

Microsoft has finally announced an expected price cut on the Xbox 360, slashing USD 50 of the recommended retail price in the US.

The Premium model will now carry a retail price of USD 349.99, the Core unit will sell for USD 279.99 and the recently launched Elite model will be priced at USD 449.99, effective August 8.

"The fact that we have been able to keep our launch price longer than any other console while retaining our leadership position demonstrates that consumers believe in the value of Xbox 360," said Mitch Koch, corporate vice president of Global Retail Sales and Marketing Group for Microsoft.

"On the eve of the best holiday games line-up ever and the launch of Madden NFL 08, there has never been a better time to jump into Xbox 360."

The company has also announced that the Xbox 360 Halo 3 Special Edition console will sell for USD 399.99 and launch in September, complete with green and gold branding, 20GB hard-drive, wireless headset and Play and Charge Kit.