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Florida bill will help Gulfstream Park

AURORA, Ontario – (PRESS RELEASE) -- Magna Entertainment Corp. ("MEC") (NASDAQ: MECA) announced today that the Florida Legislature has passed two pieces of legislation that MEC anticipates would have a significant positive impact on the slot and pari-mutuel operations at Gulfstream Park.

House Bill 1047 clarifies a number of provisions of the Florida Slot Machine Act. If approved by Florida Governor Charlie Crist, the bill will immediately become law and the following changes will be implemented at Gulfstream Park Casino: (i) ATMs will be made available in all areas with the exception of the casino floor; (ii) check cashing services will be made available for pari-mutuel patrons, employees and pari-mutuel license holders; (iii) hours of operations will increase from 16 hours per day to 18 hours per day and 24 hours on Saturdays, Sundays and state holidays; (iv) the number of authorized machines will increase from 1,500 to 2,000; and (v) the linking of machines at the facility to create progressive jackpots will be permitted.

The second piece of legislation is SB 752, which is related to cardrooms. If approved by Governor Crist, the bill will become law on July 1, 2007 and the following changes will be implemented in the cardroom operations at Gulfstream Park: (i) the cardroom will be open year-round, rather than just during live pari-mutuel days; (ii) the bet limit will increase from $2 to $5; (iii) prizes and jackpots will be authorized to be paid to players; and (iv) $100 buy-in games of no-limit Texas Hold `em will be permitted.

Each of these pieces of legislation has been ordered by the Legislature to be engrossed for presentation to Governor Crist, which MEC expects will formally occur during the next several weeks. Under the Florida Constitution, the Governor has the ability to sign the measures into law, allow them to become law without his signature, or veto the measures in their entirety.

Gulfstream Park, which opened in 1939, is located on approximately 250 acres of land in the cities of Hallandale and Aventura, between Miami and Fort Lauderdale in Florida. World famous for its thoroughbred racing meet, highlighted by the $1 million Florida Derby, Gulfstream Park is also now home to more than 1,200 Las Vegas-style slot machines, a luxurious poker room and fine-dining and buffet restaurants. In the near future, Gulfstream Park will become home to a one-of-a-kind retail-residential center, to be known as The Village at Gulfstream Park.

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