Magna Entertainment Corp. Announces Preliminary Approval by the Oklahoma Horse Racing Commission on the Application of Remington Park, Inc. for a Racetrack Gaming Operator's License

Magna Entertainment Corp. is pleased to report that on Thursday, July 21, 2005, the Oklahoma Horse Racing Commission took preliminary action to grant a conditional racetrack gaming operator's license to its subsidiary, Remington Park, Inc. Formal approval of the conditional license is expected to occur at the Commission's next meeting, which is scheduled for August 11, 2005, when it will consider the terms and conditions of an order that Commission staff has been instructed to prepare.

Legislation was enacted by public referendum in November 2004 allowing Remington Park, Inc. to operate 650 gaming machines subject to approval of the Commission. It is anticipated that the gaming facility will improve Remington Park's business results and help support the horse industry through increased purses.

In announcing the Commission's decision, MEC President and CEO, Tom Hodgson commented: "We are pleased to announce this important development, as it reflects a critical step in our effort to bring alternative gaming and the prospect of increased profitability to Remington Park. We look forward to continuing to work with the regulators, horsemen and the people of Oklahoma as we seek to bring alternative gaming to Remington Park before the end of 2005."

About MEC

MEC, North America's number one owner and operator of horse racetracks, based on revenue, owns and operates horse racetracks and related pari-mutuel wagering operations, including off-track betting facilities. Additionally, MEC owns and operates XpressBet®, a national Internet and telephone account wagering system, and HorseRacing TV(TM), a 24-hour horse racing television network.

This press release contains various "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). The Act provides certain "safe harbor" provisions for forward-looking statements. All forward-looking statements made in this press release are made pursuant to the Act. The reader is cautioned that these statements represent our judgment concerning the future and are subject to risks and uncertainties that could cause our actual operating results and financial condition to differ materially. Forward-looking statements are typically identified by the use of terms such as "may," "will," "expect," "anticipate," "estimate," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable we can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to: the impact of competition from operators of other racetracks and from other forms of gaming (including Internet and on-line wagering); a substantial change in law or regulations affecting our gaming activities; a substantial change in allocation of live racing days; our continued ability to effectively compete for the country's top horses and trainers necessary to field high-quality horse racing; our continued ability to complete expansion projects designed to generate new revenues and attract new patrons; and the impact of inclement weather.

Source: Magna Entertainment Corp