Exhibit 23

                        Consent of Independent Auditors

We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 333-32414) pertaining to the Long-Term Incentive Plan of Magna
Entertainment Corp. of our report dated February 2, 2001, with respect to the
consolidated financial statements and schedule of Magna Entertainment Corp.
included in the Annual Report on Form 10-K for the year ended December 31, 2000.

                                        /s/Ernst & Young LLP
                                        Ernst & Young LLP

Los Angeles, California
March 30, 2001