28 February 2006

Magna Entertainment Announce 4th Quarter

Diluted loss for year end Dec. 31st, 2005 was .98

Tom Hodgson, President and Chief Executive
Officer of MEC, remarked: "2005 has been a financially challenging, yet
exciting year for MEC. Developments over the past year included the sale of
Flamboro Downs and our investment in Maryland-Virginia Racing Circuit, Inc.,
agreements to sell a tract of residential land at Palm Meadows in Florida and
The Meadows in Pennsylvania, the opening of a casino facility at Remington
Park, the passing of slot legislation in Florida and in early January 2006 the
opening of the new Gulfstream Park clubhouse, which has been under development
for the past 18 months. We have recently announced the participation in a
joint venture involved in the development of an international subscription
television channel into the United Kingdom and Ireland."

"I am also pleased to announce that our Board of Directors today approved
the formation of PariMax, Inc., a new company to oversee the development of
our various electronic distribution platforms including XpressBet(R),
HRTV(TM), MagnaBet(TM), RaceONTV(TM) and our 30% stake in AmTote
International, Inc. Joe DeFrancis, Chief Executive Officer of The Maryland
Jockey Club, has been appointed Chief Executive Officer of PariMax. PariMax
will focus on the development of complete wagering solutions and will
concentrate on serving the global wagering market by developing product lines
which meet the needs of both distribution partners and end consumers

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