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Xbox Elite gets price slashed

$50 drop for Elite and Arcade tomorrow

Microsoft has given a near-immediate $50 price drop to is Xbox 360 Elite and Arcade models - and says an equivalent cut is coming to UK retail tomorrow.

The news comes in the wake of the announcement of a new 250GB 'slim' Xbox 360 at E3 this morning.

Speaking exclusively to CVG in Los Angeles today, global Xbox marketing manager Ryan Moore said:

"In the States, the [250GB machine] is $299 - the same prcigin as the current Elite. We're actually dropping the price on both the Arcade and Elite tomorrow by $50.

"In the States, that translates to $149 and $249 respectively. The currency translations are math I can't do in my head right now, but you'll see an equivalent drop in Europe."

250GB Xbox machines will reach retail in the next week.