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                                                                      EXHIBIT 23

                         CONSENT OF INDEPENDENT AUDITORS

We consent to the incorporation by reference of our report dated February 7,
2003, 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, 2002, in each of (a) the Registration Statement (Form
S-8 No. 333-32414) pertaining to the Long-Term Incentive Plan of Magna
Entertainment Corp. and (b) the Registration Statement (Form S-3 No.
333-102889) and related prospectus of Magna Entertainment Corp. for the
registration of 7-1/4% Convertible Subordinated Notes due December 15, 2009
and Shares of Class A Subordinate Voting Stock issuable upon the Conversion
of the Notes.

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

March 27, 2003
Toronto, Canada