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MEC reports sale of Great Lakes Downs

AURORA, Ontario -- (PRESS RELEASE) -- Magna Entertainment Corp. ("MEC" or the "Company") (NASDAQ: MECA) today announced that it has completed the sale of Great Lakes Downs to The Little River Band of Ottawa Indians for $5.0 million cash less customary closing adjustments. Great Lakes Downs, situated on approximately 85 acres in Muskegon, Michigan, was a racetrack which MEC had previously closed in November 2007. The net sale proceeds of approximately $4.5 million have been used to partially repay the Company's bridge loan with a subsidiary of MI Developments Inc., MEC's controlling shareholder.

MEC, North America's largest owner and operator of horse racetracks, based on revenue, develops, owns and operates horse racetracks and related pari-mutuel wagering operations, including off-track betting facilities. MEC also develops, owns and operates casinos in conjunction with its racetracks where permitted by law. MEC owns and operates AmTote International, Inc., a provider of totalisator services to the pari-mutuel industry, XpressBet®, a national Internet and telephone account wagering system, as well as MagnaBet(TM) internationally. Pursuant to joint ventures, MEC has a fifty percent interest in HorseRacing TV®, a 24-hour horse racing television network, and TrackNet Media Group LLC, a content management company formed for distribution of the full breadth of MEC's horse racing content.

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