Magna Entertainment Corp.
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                                                       337 Magna Drive
                                                       Aurora, Ontario,
                                                       Canada L4G 7K1
                                                       Tel (905) 726-2462
                                                       Fax (905) 726-7172

EXHIBIT 99

                                  PRESS RELEASE

                      MAGNA ENTERTAINMENT CORP. ADVISED OF
                        UNSOLICITED OFFER FOR OUTSTANDING
                   SHARES OF CLASS A SUBORDINATE VOTING STOCK

JULY 13, 2004, AURORA, ONTARIO, CANADA.....MAGNA ENTERTAINMENT CORP. (NASDAQ:
MECA; TSX: MEC.A) ("MEC") announced today that it has been advised by MI
DEVELOPMENTS INC. (TSX: MIM.A, MIM.B; NYSE: MIM) ("MID") of its intention to
make an unsolicited offer to acquire all of the outstanding shares of Class A
Subordinate Voting Stock of MEC not currently owned by MID.

MEC is a Delaware corporation that is listed on both the Nasdaq and the TSX.
Accordingly, the offer by MID will be subject to the requirements of Delaware
corporate law, United States securities law disclosure requirements and the
applicable requirements under securities laws in Canada. A special committee of
independent directors of MEC, comprised of Jerry D. Campbell, Louis E. Lataif,
William J. Menear ("Chairman") and Gino Roncelli, has been formed to evaluate
the offer and to make recommendations to the MEC Board of Directors concerning
the appropriate response in the circumstances. The Special Committee today
engaged RBC Capital Markets to act as its financial advisor and provide the
formal valuations required under Canadian securities laws. The Special Committee
and/or Board of Directors will communicate further with the holders of MEC's
outstanding shares of Class A Subordinate Voting Stock in due course and, in any
event, if and when the tender offer is commenced and offering materials in
respect of the offer are mailed.

MEC, North America's number one owner and operator of horse racetracks, based on
revenue, acquires, develops and operates horse racetracks and related
pari-mutuel wagering operations, including off-track betting facilities.
Additionally, MEC owns and operates XpressBet(TM), a national Internet and
telephone account wagering system, and HorseRacing TV(TM), a 24-hour horse
racing television network.

MEC cautions its stockholders, and others considering trading in MEC's
securities, as follows: the Special Committee has just received MID's
unsolicited proposal; the process of considering the proposal is only in its
beginning stages; no decisions whatsoever have been made by the Special
Committee in respect of MEC's response, if any, to the proposal; and the Special
Committee will proceed in a timely and orderly manner to consider the proposal
and its implications.

MEC's stockholders are strongly advised to carefully read MEC's
solicitation/recommendation statement, which will be made available if the
tender offer referred to in this press release is commenced, because it will
contain important information. Free copies of the solicitation/recommendation
statement, which will be filed by MEC with the Securities and Exchange
Commission, will be available at the SEC's web site at www.sec.gov, or at the
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MEC web site at www.magnaent.com.
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