Magna Entertainment Corp. Announces Withdrawal from Empire Racing Associates, LLC

    AURORA, ON, Oct. 10 /CNW/ - Magna Entertainment Corp. ("MEC" or "the
Company") (NASDAQ:   MECA; TSX: MEC.A) today announced that it has given formal
notice to Empire Racing Associates, LLC ("Empire Racing") of its withdrawal as
a member of Empire Racing.
    MEC joined the coalition of entities that formed Empire Racing because it
believes that thoroughbred horse racing in New York is an integral part of an
important industry both in New York and throughout the country. With the other
members of Empire Racing, MEC developed what it thought was a highly
competitive franchise bid offering the right balance of horse racing renewal,
economic development and financial participation by the State. Unfortunately,
Empire Racing's bid has been rebuffed at two important stages in the process
and the process has progressed in a manner which MEC does not see leading to a
successful outcome for Empire Racing.
    MEC hopes that thoroughbred racing in New York will be extremely
successful in the future, regardless of the final outcome of the franchise
bidding process.

    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, 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., 337 Magna Drive, Aurora,
ON, L4G 7K1, Tel: (905) 726-7493

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