Confirming rumors that emerged in mid-April, Nintendo is officially lowering the retail price of the Wii to $149.99 on May 15, and including a copy of Mario Kart Wii and a black or white steering wheel.

Previously, the Wii console cost $199.99 and came with Wii Sports and Wii Sports Resort. The Mario Kart with Wii Wheel bundle was separately listed at $49.99.

Also on May 15, Nintendo is launching Nintendo Selects, a bundle of four "must-own" Wii games for $19.99. The games are: The Legend of Zelda: Twilight Princess, Animal Crossing: City Folk, Mario Super Sluggers, and Wii Sports.

It is uncertain how the new suggested retail pricing will affect retailers that pre-emptively discounted the Wii by $30 in mid-April: Best Buy, GameStop, Wal-Mart, Amazon, and Target.

The price cut was expected as Nintendo readies for its next-generation console. Last week, Nintendo confirmed that it will demonstrate a playable version of its next-generation gaming console, codenamed "Project Cafe," at the E3 trade show this June. However the consoles aren't expected to hit stores until April 2012.

"From the day it launched, Wii has let players of all ages and experience levels have fun with one another," said Reggie Fils-Aime, president of Nintendo of America, in a press release. "The new suggested retail pricing for both the hardware and select games will help create more of these magical moments for even greater numbers of people."

This article, written by Sara Yin, originally appeared on PCMag.com and is republished on Gear Live with the permission of Ziff Davis, Inc.