Xbox 360 price cuts official as of Sept. 5: 60GB $299, Elite $399, Arcade $199

Major Nelson announced that the price cuts for the Xbox 360 we reported on two weeks ago will be official as of Sept. 5. The new prices for the console are:

• Xbox 360 Arcade - $199
• Xbox 360 60GB - $299
• Xbox 360 Elite - $399

This means that the Elite and 60GB received a $50 price drop, while the Arcade received an $80 cut. Now we wait to see if the new prices help boost the Xbox 360's slouching sales.