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Great Canadian Gaming, Magna Finalize Agreement

RICHMOND, British Columbia – (PRESS RELEASE) -- Great Canadian Gaming Corporation ("Great Canadian") (TSX: GCD) and Magna Entertainment Corp. ("MEC") (NASDAQ: MECA) today announced that they have entered into a share purchase agreement providing for the acquisition by Great Canadian of all of the outstanding shares of Ontario Racing Inc., a wholly owned subsidiary of MEC, substantially on the terms set forth in the agreement in principle reached between the parties as announced on July 6, 2005. Ontario Racing Inc. owns and operates Flamboro Downs, a standardbred racetrack, and is a siteholder for slot machines operated by the Ontario Lottery and Gaming Corporation, in Flamborough, Ontario. The sale is scheduled to close on September 30, 2005 and remains subject to customary closing conditions, including regulatory approval.

Flamboro Downs, located just 45 miles from Toronto, occupies approximately 230 acres in the town of Flamborough, Ontario.

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