<Page>

                                                                    EXHIBIT 23.3



                         CONSENT OF INDEPENDENT AUDITORS

We consent to the reference to our firm under the caption "Experts" in the
Post-Effective Amendment No. 1 on Form S-3 to Registration Statement on Form S-1
(No. 333-69166) and related Prospectus of Magna Entertainment Corp for the
distribution on a delayed or continuous basis of up to 1,951,947 shares of its
Class A Subordinate Voting Stock upon the redemption or exchange of exchangeable
shares of Magna Entertainment Corp.'s Canadian subsidiary, MEC Holdings (Canada)
Inc. and up to 868,626 shares of its Class A Subordinate Voting Stock and to the
incorporation by reference therein of our reports dated February 15, 2001 and
January 28, 2000, with respect to the financial statements of Ladbroke Racing
Pennsylvania, Inc. and subsidiaries.



                                                           /s/ Ernst & Young LLP
                                                           ---------------------
                                                    Certified Public Accountants

February 31, 2002
Pittsburgh, Pennsylvania