Lou Raffetto Leaving MD J.C.

[Kasept]

MARYLAND JOCKEY CLUB ANNOUNCES DEPARTURE OF LOU RAFFETTO

BALTIMORE, 11-28-07---The Maryland Jockey Club ("MJC") announced today that Lou Raffetto, President and Chief Operating Officer of MJC, will be leaving MJC effective immediately to pursue other opportunities. Chris Dragone, a former Senior Vice-President and General Manager at MJC, has been appointed as President and General Manager. MJC is the trade name under which Pimlico Race Course and Laurel Park operate.

Frank Stronach, Chairman of MJC, stated, “Lou worked very hard during his tenure with MJC to manage the day-to-day operations and improve the future of thoroughbred racing in the state of Maryland. We wish him well in his future endeavors.”

Raffetto stated, “I wish my colleagues at MJC well going forward and hope that the company will be successful in implementing its long-term plans.”

Dragone joined Magna Entertainment Corp. (“MEC”) in 2002 and served as General Manager of Great Lakes Downs and Portland Meadows prior to his appointment with MJC in February 2006. Dragone left MJC after eight months for personal and family reasons and since that time has acted as executive director of the New York Thoroughbred Breeders' Inc. The son of former New York Racing Association Chairman Allan Dragone, Chris Dragone has held numerous management jobs at race tracks across the country. The Dragone family owns December Hill Farm in New Jersey.

Stronach stated, “MEC remains strongly committed to the future success of thoroughbred racing in Maryland. To this end we will put the full support of MEC behind Chris and the MJC management team.”

Dragone added, “I look forward to working towards improving the racing and entertainment experience for Maryland horsemen and our customers. Working with the other key stakeholders I hope to build upon the platform established by Lou Raffetto and the De Francis family.”