Monday, July 03, 2006

Magna Entertainment Corp. today reported that it has become aware that CGTV
Media Group, Inc./Casino Gaming Television, Inc. ("CGTV") may be making
representations to certain prospective investors to the effect that CGTV and
MEC's subsidiary HorseRacing TV, Inc. ("HRTV") have reached an agreement
regarding the terms of a merger of CGTV and HRTV. Despite CGTV's claims,
there is no formal binding agreement in respect of any proposed merger
between CGTV and HRTV, and no such merger is currently under consideration
by MEC or HRTV.