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Magna Completes Acquisition of Racetrack

24 October 2002

AURORA, Ontario – (Press Release) -- Magna Entertainment Corp. ("MEC") (NASDAQ: MIEC; TSX: MIE.A, MEH) today announced that it has successfully completed the acquisition of Lone Star Park at Grand Prairie.

MEC, one of the largest operators of premier horse racetracks in the United States, acquires, develops and operates horse racetracks and related pari-mutuel wagering operations, including off-track betting facilities, and owns and operates a national account wagering system called XpressBet(TM).

In fiscal year 2001, MEC had revenues of $519.1 million and net income of $13.5 million. In the first half of 2002, MEC reported revenues of $377.0 million and net income of $19.7 million.

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