<Page>

                                                                    EXHIBIT 23.3


                         CONSENT OF INDEPENDENT AUDITORS

We consent to the reference to our firm under the caption "Experts" and the use
of our report dated October 4, 1999, except paragraph 1 of Note 5 as to which
the date is October 19, 1999, with respect to the combined financial statements
of Golden Gate Fields consisting of Pacific Racing Association's operations
subject to the licensing provisions of the California Horse Racing Board,
Ladbroke Racing California, Inc. and Ladbroke Land Holdings, Inc. (wholly owned
subsidiaries of Ladbroke Racing Corporation), included in the Registration
Statement (Form S-3) and related prospectus of Magna Entertainment Corp. for the
registration of Debt Securities, Warrants to purchase Debt Securities, Warrants
to purchase Class A Subordinate Voting Stock and Class A Subordinate Voting
Stock.

                                                         /s/ Ernst & Young LLP
                                                         ---------------------
                                                         Chartered Accountants


September 28, 2001
Toronto, Canada