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Magna Entertainment Appoints New Director

28 October 2004

AURORA, Ontario – (PRESS RELEASE) -- Magna Entertainment Corp. ("MEC") (NASDAQ: MECA) announced today that Ron Charles, former chairman of the Thoroughbred Owners of California, will assume the duties of Executive Director of MEC California effective November 1, 2004.

Frank Stronach stated: "MEC's vision is to create a global entertainment company built around horse racing. The revitalization of California horse racing is an extremely important part of that vision. Ron Charles is a great addition to the MEC team. He loves the sport and he knows California racing inside and out. I am confident that Ron will help MEC elevate the sport's popularity and image in California and around the world."

As a TOC founder and member of the Board since its inception, Charles has assisted in securing legislative changes, such as gaining licensing relief for owners and the recent landmark California Workers' Compensation relief bill. He also has been a member of the NTRA Board and National Wagering Task Force.

"There are a great many interesting challenges that come with accepting this position," said Charles, who has been a Thoroughbred owner and active in the racing industry for over 30 years. "I look forward to working with and supporting the MEC team to make MEC a more positive presence in California racing and to create a more exciting, enjoyable racing experience at MEC tracks."

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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