Johnsen Promoted to MEC Group Vice President, Greco Named Lone Star Park General Manager

Magna Entertainment Corp. (“MEC”) (NASDAQ: MIEC; TSX: MIE.A, MEH) officially announced Friday, November 8, the appointment of Corey Johnsen to the position of Group Vice President for Texas, Oklahoma and Florida. Jeffrey Greco has been promoted to the position of General Manager of Lone Star Park at Grand Prairie.

Johnsen, who will retain his position as President of Lone Star Park at Grand Prairie, will also be responsible for overseeing MEC’s operations within the states of Oklahoma (Remington Park) and Florida (Gulfstream Park and the Palm Meadows training center).

“We are delighted to welcome Corey Johnsen to MEC’s management team,” said Jim McAlpine, President and CEO. “Corey has a wealth of experience in the horseracing industry which will be a tremendous asset to MEC. He built a great management team in Texas and I am confident he will lend support to our local management teams and help grow our operations in Oklahoma and Florida. Corey’s real strength is his dedication to customers, horsemen and employees. He’s a very capable executive.”

MEC successfully completed the acquisition of Lone Star Park at Grand Prairie on October 23.

“I have worked my entire professional career in the horseracing industry and have a true passion for the sport and its participants,” Johnsen said. “Magna Entertainment Corp. is a dynamic organization, and it’s an honor to be involved with a company that I believe will help change the face of the horseracing industry.”

Johnsen, a 25-year industry veteran, joined Lone Star Park at Grand Prairie in February 1994 as Vice President and General Manager after a long stint with DeBartolo Racing Group. He was named President of Lone Star Park at Grand Prairie in January 2000.

Greco, with more than 25 years of experience in the racing and hospitality industries, spent 15 years with the DeBartolo Racing Group prior to joining Lone Star Park at Grand Prairie in April 1994 as Vice President of Operations. He was named Vice President and Assistant General Manager in January 2000.

“When it comes to the operational know-how of a racetrack, Jeff is second to none,” Johnsen said. “Jeff has been instrumental to the successful openings of Lone Star Park at Grand Prairie in 1997 and Remington Park in 1988. He has the unique blend of knowledge and experience in horseracing, entertainment and hospitality.”

Johnsen and Greco have developed one of the finest and fastest growing racetrack operations in the country. Lone Star Park at Grand Prairie has been named a conditional site for the 2004 Breeders’ Cup World Thoroughbred Championships.

“The Lone Star Park at Grand Prairie team has always taken pride in its ability to create a winning experience for our customers,” Greco said. “That philosophy encompasses everyone we come in contact with – customers, horsemen, business partners and fellow employees. I look forward to becoming a member of the MEC family and to continuing our practice of high quality horseracing and entertainment, along with unparalleled service and hospitality.”

MEC, one of the largest operators of premier horse racetracks in the United States, acquires, develops and operates horse racetracks and related pari-mutuel wagering operations, including off-track betting facilities, and owns and operates a national account wagering system called XpressBetä.

In the first nine months of 2002, MEC reported racing revenues of $433.9 million, an increase of $47.6 million over 2001.

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