Expect $50 PS3 and Xbox 360 Price Cuts This Year, Claims GameStop

While discussing its record-breaking quarter, retailer GameStop revealed that it expects both the PlayStation 3 and Xbox 360 to undergo $50 price cuts by the end of 2008.

A $50 price cut for the Xbox 360 Pro and Elite models has been practically confirmed, with the drop expected to take effect on or around September 7. Whereas the two higher-end Xbox 360 models will drop by $50, the hard drive-less Arcade unit is said to see a reduction of $70, making it $199.

Sony previously stated that it would not drop the price of its various PlayStation 3 units this year. However, the company is introducing higher-capacity PS3 models--the $399 80GB and the $499 160GB bundle--that maintain the existing prices of PS3 hardware.

Chris Faylor was previously a games journalist creating content at Shacknews.

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