Just more than a week after it said it would launch a new video game console in 2012, Nintendo announced today that effective May 15th, it was dropping the price of its Wii gaming system to $150 from $200.

The price drop should help to boost Wii Sales which have slumped 20% in each of the past two years.

The newly priced Wii system will be available in black or white and come packaged with the Mario Kart Wii game and a matching coloured Wii Wheel. Previously the game system had included the Wii Sports and Sports Resort games.

In addition to lowering the cost of hardware, Nintendo will re-release The Legend of Zelda: Twilight Princess, Animal Crossing: City Folk, Mario Super Sluggers and Wii Sports in new packaging for $20 per title.

Nintendo is expected to unveil its next generation gaming console next month at the E3 game show in Los Angeles.

Since it was first released in November of 2006, Nintendo has sold more than 86 million Wii units. By comparison, the PlayStation 3 and Xbox 360 have each sold about 50 million units over their life spans.

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