Magna Entertainment Corp. ("MEC") is the leading owner and operator of thoroughbred racetracks in the United States, based on revenue, and a leading supplier, via simulcasting, of live racing content to the growing inter-track, off-track and account wagering markets.

MEC’s network of thoroughbred racetracks includes Santa Anita Park, Gulfstream Park, Pimlico Race Course and Laurel Park, Lone Star Park at Grand Prairie, Golden Gate Fields, Bay Meadows, , Thistledown, Remington Park, Portland Meadows and Great Lakes Downs. In addition to the thoroughbred racetracks, MEC owns two standardbred tracks, The Meadows, in Pennsylvania and Flamboro Downs in Hamilton, Ontario, and operates Multnomah Greyhound Park, a greyhound track in Oregon.

MEC also has a one third ownership interest in Racetrack Television Network, LLC ("RTN"), a venture formed to telecast races from our racetracks and other racetracks, via satellite, to paying subscribers. MEC also owns and operates HorseRacing TV TM, a new television channel focused exclusively on horse racing that we launched on RTN in July 2002. While HorseRacing TV TM is currently only shown on RTN, we are in discussions with cable and satellite operators with the goal of achieving broader distribution of HorseRacing TV TM.

MEC operates a growing off-track betting (OTB) network in several states and a national account wagering business, XpressBetTM, which permits customers to wager on races by telephone and over the Internet, where permitted by law.

As of December 31, 2002, the Company employed approximately 5,100 full-time employees.