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Magna Entertainment Interested in Quebec Racetracks

AURORA, Ontario – (Press Release) -- Magna Entertainment Corp. ("MEC") (NASDAQ: MECA; TSX: MEC.A) announced today that it has made a non- binding proposal to the government of the Province of Quebec to invest in Quebec's four standardbred racetracks, as well as a training center located in St. Basile le Grand. The racetracks are located in the following cities: Montreal, Quebec City, Trois Rivieres and Aylmer.

In making the announcement, Jim McAlpine, President and CEO of MEC, said, "MEC believes that the Quebec racetracks represent an exceptional opportunity to rejuvenate the horse racing industry in Quebec. The racing industry has a long and storied history in Quebec; we are excited about the potential to work in partnership with local communities and breeders' and horsemen's organizations to reinvigorate an industry that is directly responsible for the employment of over 3,000 Quebec residents. We believe that, with our experience and network of racetracks across North America, MEC is uniquely qualified to revive and grow the Quebec horse racing industry."

The government of Quebec has not yet advised MEC of a specific timeline or procedure for responding to MEC's proposal. MEC's proposal is contingent upon, among other matters, the satisfactory negotiation of various conditions and agreements with the government of Quebec and others, and the approval of MEC's board of directors.

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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