Magna Entertainment Corp. announces departure of Chief Executive Officer

    AURORA, ON, June 22 /CNW/ - Magna Entertainment Corp. ("MEC") (NASDAQ:  
MECA; TSX: MEC.A) announced today that Michael Neuman, its Chief Executive
Officer, will be leaving the company effective immediately to pursue other
opportunities. Frank Stronach, MEC's Chairman, will assume the position of
Interim Chief Executive Officer and stated: "Michael worked very hard during
his time at MEC and we wish him well in his future endeavors." Mr. Neuman
stated: "I wish my colleagues at MEC well going forward and hope that the
company will be successful in implementing its long-term plans."
    Mr. Stronach also noted that "MEC remains focused on implementing the
strategic initiatives described at our recent annual meeting, including the
sale of non-core assets to further reduce debt."

    MEC, North America's largest owner and operator of horse racetracks,
based on revenue, acquires, 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(R), 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(TM), 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.

For further information:

For further information: Blake Tohana, Executive Vice-President and
Chief Financial Officer, Magna Entertainment Corp., (905) 726-7493

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