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he isnt saying mexico... he is saying "lets a go" or "lets go".... i know because i use to think he said that too but you have to listen more carefully and you will see he is actually saying one of the above =)
Have you never heard a stereotype Italian-American speak? They speak like that and Mario is clearly saying "let's go". The adding of a schwa (or short e) sound after "let's" is to make it sound more Italian just like some people add "o" to make words sound more like Spanish.
Not only that, "Mexico" would be quite an unusual and out-of-place thing to say considering Mario's vocabulary.