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Press Release

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Magna Entertainment Corp. Announces Opening of Slots Facility at Gulfstream Park

AURORA, ON, Nov. 16 /PRNewswire-FirstCall/ - Magna Entertainment Corp. ("MEC") (NASDAQ: MECA; TSX: MEC.A) is pleased to announce the opening of the Gulfstream Park Racing & Casino slots facility. The new casino facility offers guests access to 516 slot machines, as well as poker.

While slot operations commenced on November 15, 2006, the official launch of the casino will occur in connection with an invitation-only gala event later today.

"We are very excited to be open and this is the culmination of a great effort from many dedicated and tireless people", said Gulfstream Park President and General Manager Paul Micucci. "We want Gulfstream to be the premier entertainment facility in South Florida and we think we are well on our way "

The casino will operate on a seven-day-a-week schedule. Hours will be noon-midnight Sundays through Thursdays and 2 p.m. to 2 a.m. Fridays and Saturdays. Poker will be available Thursdays through Mondays.

All other entertainment venues at Gulfstream Park, including simulcasting, The Chase, the Latin nightclub Serenata and the Ten Palms buffet will open on November 17, 2006.

Gulfstream Park, which opened in 1939, is located on approximately 255 acres of land in the cities of Hallandale and Aventura, between Miami and Ft. 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 2006, Gulfstream Park opened its race meet with significant modifications and enhancements to its racing surfaces and a new dirt and turf racetrack, featuring a 1 1/8-mile main track and one-mile turf course were opened. Gulfstream Park also boasts a new modern clubhouse/grandstand offering an array of restaurants and entertainment facilities.

MEC, North America's number one owner and operator of horse racetracks, based on revenues, acquires, develops and operates horse racetracks and related casino and pari-mutuel wagering operations, including off-track betting facilities. Additionally, MEC owns and operates XpressBet(R), a national Internet and telephone account wagering systems, and Horse Racing TV(TM), a 24-hour horse racing television network.

This press release contains "forward-looking statements" within the meaning of applicable securities legislation, including the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, among others, statements regarding the potential success of the installation of slot machines at Gulfstream Park.

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 the 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. Other potential risks and uncertainties relating to MEC and its business are described in MEC's filings with the Securities and Exchange Commission, specifically the last reports on Forms 10-K and 10-Q.

SOURCE Magna Entertainment Corp.

CONTACT: Blake Tohana, Executive Vice-President and Chief Financial Officer, Magna Entertainment Corp., 337 Magna Drive, Aurora, ON, L4G 7K1, Telephone: (905) 726-7493, www.magnaent.com; Paul Micucci, President and General Manager, Gulfstream Park, 901 S. Federal Highway, Hallandale Beach, FL, 33009, Telephone: (954) 457-6224, www.gulfstreampark.com