Robert Parungao, a student researcher at the University of British Columbia, says that his research shows that certain video games perpetuate racial stereotypes about Asians. He has examined four games from various times in the past 20 years, and says that Asian characters are generally portrayed in the same negative ways (including as 'hokey kung fu artists"?).
Parungao points out that video games have been criticized for other forms of content (e.g., violence, negative portrayals of women, etc.), but not generally for racial stereotyping.
That being said, racial issues certainly arise in the video game context. For example, see our previous post about claims by Chinese-speaking WoW that English-speaking players assume that all non-English speaking players are gold-miners, working in virtual sweatshops, etc.