SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC 20549

                                   FORM 8-K

                                CURRENT REPORT
                    Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934


Date of Report (Date of Earliest Event Reported)             May 2, 2001


                           MAGNA ENTERTAINMENT CORP.
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            (Exact Name of Registrant as Specified in its Charter)


                                   Delaware
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                (State or Other Jurisdiction of Incorporation)


                000-30578                              98-0208374
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         (Commission File Number            (I.R.S. Employer Identification No.)


 337 Magna Drive, Aurora, Ontario, Canada                L4G 7K1
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 (Address of Principal Executive Offices)               (Zip Code)


                                (905) 726-2462
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             (Registrant's Telephone Number, Including Area Code)


                                NOT APPLICABLE
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         (Former Name or Former Address, if changed Since Last Report)


ITEM 5.   OTHER EVENTS

     On May 2, 2001, Magna Entertainment Corp. issued a press release in which
it announced its financial results for the three month period ended March 31,
2001. The full text of the press release issued by the Registrant is attached as
Exhibit 99 and is incorporated herein by reference.

ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS

Exhibit 99     Copy of Registrant's press release dated May 2, 2001.


                                      -2-


                                  SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                             MAGNA ENTERTAINMENT CORP.
                                                  (Registrant)


Date: May 3, 2001                            by:____________________________
                                                Gary M. Cohn, Secretary