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Gulfstream Park Chairman Resigns

AURORA, Ontario – (PRESS RELEASE) -- Magna Entertainment Corp. ("MEC") (NASDAQ: MECA) announced today the resignation of Douglas Donn as Chairman and a member of the board of directors of Gulfstream Park Racing Association, Inc., a wholly-owned subsidiary of MEC.

In making the announcement, Jim McAlpine, President and Chief Executive Officer of MEC, stated: "I would like to commend Doug on his thirty-five years of service to Gulfstream Park during which time he oversaw Gulfstream's emergence as one of the pre-eminent thoroughbred racetracks in North America. We have been fortunate to benefit from Doug's experience and insight since our purchase of Gulfstream in 1999. I would like to thank Doug on behalf of MEC, and hope he enjoys a long and well-deserved retirement."

Mr. Donn stated: "My family has been involved in Gulfstream Park's operations since 1944 and are proud of our accomplishments at Gulfstream and within the thoroughbred industry. I am excited about MEC's vision for Gulfstream and look forward to the completion of the total redevelopment of Gulfstream as a next-generation racing and entertainment venue."

MEC, North America's number one owner and operator of horse racetracks, based on revenue, acquires, develops and operates horse racetracks and related pari-mutuel wagering operations, including off-track betting facilities. Additionally, MEC owns and operates XpressBet(TM), a national Internet and telephone account wagering system, and HorseRacing TV(TM), a 24-hour horse racing television network.

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