Magna Entertainment Corp. announces installation of an additional 705 slot machines at Gulfstream Park

    AURORA, ON, March 20 /CNW/ - Magna Entertainment Corp. ("MEC") (NASDAQ:  
MECA; TSX: MEC.A) announced today that an additional 705 slot machines have
been installed and are operational at Gulfstream Park. As a result, the
Gulfstream Park Racing & Casino slots facility now offers guests access to
1,221 slot machines.
    "We are very excited to open the second phase of our casino operation
ahead of schedule. This is the culmination of a great effort from many of our
dedicated employees," said Gulfstream Park President and General Manager Bill
Murphy. "We are delighted to be able to offer our guests an expanded casino
facility, which we believe will improve our operational efficiency and enhance
our customers' experience."
    The Gulfstream Park Racing and Casino slots facility is open seven days a
week from 10:30 a.m. to 2:30 a.m. daily.
    Gulfstream Park, which opened in 1939, is located on approximately 250
acres of land in the cities of Hallandale and Aventura, between Miami and Fort
Lauderdale in Florida. Gulfstream Park runs a thoroughbred racing meet each
winter, which is highlighted by the Florida Derby for three year olds. In
January 2005, Gulfstream Park opened its race meet with significant
modifications and enhancements to its racing surfaces including a new dirt and
turf racetrack, featuring a 1 1/8-mile main track and seven furlong turf
course. In January 2006, Gulfstream Park opened its new clubhouse/grandstand,
which offers an array of restaurants and entertainment facilities.

    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.

    This press release contains "forward-looking statements" within the
meaning of applicable securities legislation, including Section 27A of the
United States Securities Act of 1933, as amended (the "Securities Act"), and
Section 21E of the United States Securities Exchange Act of 1934, as amended
(the "Exchange Act") and forward-looking information as defined in the
Securities Act (Ontario) (collectively referred to as forward-looking
statements). These forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995 and
the Securities Act (Ontario) and include, among others, statements regarding
the expected impact the installation and operation of an additional 705 slot
machines at the Gulfstream Park Racing & Casino slots facility will have on
operations at that facility.
    Forward-looking statements should not be read as guarantees of future
performance or results, and will not necessarily be accurate indications of
whether or the times at or by which such performance or results will be
achieved. Undue reliance should not be placed on such statements. Forward-
looking statements are based on information available at the time and/or
management's good faith assumptions and analyses made in light of our
perception of historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate in the
circumstances and are subject to known and unknown risks, uncertainties and
other unpredictable factors, many of which are beyond the Company's control,
that could cause actual events or results to differ materially from such
forward-looking statements. Factors that could cause actual results to differ
materially from our forward-looking statements include, but may not be limited
to, material adverse changes: in general economic conditions, the popularity
of racing and other gaming activities as recreational activities, the
regulatory environment affecting the horse racing and gaming industries, and
our ability to develop, execute or finance our strategies and plans within
expected timelines or budgets. In drawing conclusions set out in our forward-
looking statements above, we have assumed, among other things, that there will
not be any material adverse changes: in general economic conditions, the
popularity of horse racing and other gaming activities, the regulatory
environment, and our ability to develop, execute or finance our strategies and
plans as anticipated.
    Forward-looking statements speak only as of the date the statements were
made. We assume no obligation to update forward-looking statements to reflect
actual results, changes in assumptions or changes in other factors affecting
forward-looking statements. If we update one or more forward-looking
statements, no inference should be drawn that we will make additional updates
with respect thereto or with respect to other forward-looking statements.

For further information:

For further information: Blake Tohana, Executive Vice-President and
Chief Financial Officer, Magna Entertainment Corp., 337 Magna Drive, Aurora,
ON, L4G 7K1, Tel: (905) 726-7493

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