MI DEVELOPMENTS NOTICE OF RELEASE OF FIRST QUARTER 2011 RESULTS

AURORA, ON, May 2 /CNW/ - MI Developments Inc. ("MID") (TSX: MIM.A) (TSX: MIM.B) (NYSE: MIM) will announce its financial results for the first quarter ended March 31, 2011 on Thursday, May 12, 2011 after the close of business.

About MID: MID is a real estate operating company engaged primarily in the acquisition, development, construction, leasing, management and ownership of a predominantly industrial rental portfolio leased primarily to Magna International Inc. and its automotive operating units in North America and Europe. MID also acquires land that it intends to develop for mixed-use and residential projects. Additionally, MID owns Santa Anita Park, Golden Gate Fields, Gulfstream Park (including an interest in The Village at Gulfstream Park™, a joint venture with Forest City Enterprises, Inc.), an interest in joint ventures in The Maryland Jockey Club with Penn National Gaming, Inc., Portland Meadows, AmTote and XpressBet®, and through some of these assets, is a supplier, via simulcasting, of live horseracing content to the inter-track, off-track and account wagering markets. For further information about MID, please visit www.midevelopments.com or call 905-713-6322. At www.sedar.com and www.sec.gov you can also find MID's filings.

SOURCE MI Developments Inc.

For further information:

John Simonetti, Interim Chief Financial Officer, at 905-726-7133.

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MI Developments Inc.

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