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Magna Denies Merger

AURORA, Ontario – (PRESS RELEASE) -- Magna Entertainment Corp. ("MEC") (NASDAQ: MECA) today reported that it has become aware that CGTV Media Group, Inc./Casino Gaming Television, Inc. ("CGTV") may be making representations to certain prospective investors to the effect that CGTV and MEC's subsidiary HorseRacing TV, Inc. ("HRTV") have reached an agreement regarding the terms of a merger of CGTV and HRTV.

Despite CGTV's claims, there is no formal binding agreement in respect of any proposed merger between CGTV and HRTV, and no such merger is currently under consideration by MEC or HRTV.

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