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MEC Opens Austrian Track

AURORA, Ontario – (Press Release) -- Magna Entertainment Corp. (NASDAQ: MECA; TSX: MEC.A) announced that its new Austrian racetrack, Magna Racino(TM), successfully opened for its first day of live racing on April 4, 2004 and conducted its first official race day today. Located in Ebreichsdorf, Austria, approximately 20 miles south of Vienna, Magna Racino(TM) offers both thoroughbred and standardbred racing. The racetrack will operate on most Thursdays and Sundays between April and early November, with 50 days of live racing planned for 2004.

"The opening was a great success. Approximately 4,000 people filled the grandstand and hospitality areas," said Jim McAlpine, MEC President and CEO. "The horse racing was very competitive with fields of eight to twelve horses per race."

A gaming facility with a sportsbook, entertainment venues and, assuming finalization of our joint venture with our Austrian partner, video lottery terminals, is scheduled to commence daily operation in the fall of 2004. A formal opening of the entire facility will take place at that time. For more information, please visit www.magnaracino.com.

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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